Norton Rose Fulbright advises DNB Bank on bridge facilities for Cadeler

Global law firm Norton Rose Fulbright has advised DNB Bank on bridge facilities for Cadeler A/S (Cadeler), which will fund its strategic acquisition of the Boqiang 3060 – a newly constructed jack-up wind turbine installation vessel (WTIV) – from Shanghai Boqiang Heavy Industry Group Co., Ltd.

The facilities include a number of unique features, provide for both pre-delivery and post-delivery financing elements, and had to be documented within a very short timeframe to ensure the transaction’s success.

The strategic purchase forms part of Cadeler’s ongoing fleet expansion and will further enhance its capacity to meet an increasing global demand for offshore wind turbine operations & maintenance (O&M) services.

The vessel, which will be renamed “Wind Keeper”, was completed in 2024 and is expected to be delivered to Cadeler in Q3 2025. It has been fitted with advanced European equipment, making it uniquely suited for the global offshore O&M market.

The Norton Rose Fulbright team advising on this facility was led by EMEA Co-Head of Asset Finance Yianni Cheilas, with support from counsel Nicholas Papadopoulos, senior associate Alexi Remoundos, and associate Jenny Arkadi. The team was also supported by finance partner Neha Khosla, counsel James Tong and associate Jack Zheng on related finance aspects.

Norton Rose Fulbright similarly advised DNB Bank and related bank syndicates on two syndicated green financing and partially ECA-backed facilities, totalling €1.075 billion, for Cadeler in 2023. It also advised Société Générale, along with a syndicate of banks, in relation to two green loan facilities for Cadeler late last year.

Norton Rose Fulbright’s team of more than 1,000 global financial institutions lawyers provide a full business law service to many of the world’s leading banks, asset managers, financial investors and insurance companies, both domestically and internationally.