KfW IPEX-Bank Backs Cadeler’s Next-Gen WTIVs with EUR 525 Million Green Finance Package

KfW IPEX-Bank Backs Cadeler’s Next-Gen WTIVs with EUR 525 Million Green Finance Package

(IN BRIEF) KfW IPEX-Bank and partner banks, with export credit support from Eksfin and Sinosure, have arranged EUR 525 million in financing for two new wind turbine installation vessels for Cadeler, with KfW IPEX-Bank contributing nearly EUR 60 million. Built by COSCO Shipping Heavy Industry in China, the ships—due in H2 2025 and H2 2026—feature monopile installation equipment and can be reconfigured for jacket and turbine work, accommodating future XXL foundations and turbines. Designed for dual-fuel operation on marine diesel or biodiesel and convertible to methanol, they also boast battery storage and shore-power capability, with key technologies supplied by European manufacturers. This deal builds on KfW IPEX-Bank’s previous WTIV financings in 2023 and 2024 and underscores its commitment to advancing offshore wind infrastructure.

(PRESS RELEASE) FRANKFURT, 20-Jun-2025 — /EuropaWire/ — KfW IPEX-Bank, together with a consortium of commercial lenders and backed by export credit agencies Eksfin and Sinosure, has committed financing for two state-of-the-art wind turbine installation vessels (WTIVs) owned by Cadeler, the Danish offshore wind specialist. The total package amounts to EUR 525 million, of which KfW IPEX-Bank’s portion is just under EUR 60 million.

Constructed by COSCO Shipping Heavy Industry Co. Ltd. in China, the new ships will arrive in the second halves of 2025 and 2026. Outfitted initially with monopile installation gear, they have been engineered for rapid conversion to jacket and turbine installation, ensuring flexibility as future projects demand ever-larger foundations and next-generation turbines.

Reflecting the offshore industry’s push toward greener operations, both vessels will operate on conventional marine fuel or biodiesel, with provisions to switch to methanol propulsion. A sophisticated battery package and shore-power connection further reduce emissions during port stays. Crucially, a significant share of their advanced systems and components will be sourced from European suppliers. This follows KfW IPEX-Bank’s earlier support for Cadeler’s WTIV fleet in 2023 and 2024.

“A robust offshore wind-farm construction capability is vital to the energy transition,” commented Aida Welker, Member of the Management Board of KfW IPEX-Bank. “We’re proud to back Cadeler’s vision for next-generation installation vessels and to foster a resilient, sustainable offshore wind industry.”

Media Contact:

Ms Dela Strumpf
KfW IPEX-Bank Press Office
Tel: +49 69 7431-2984
email: Dela.Strumpf@kfw.de

SOURCE: KfW