German KfW Financing Two Offshore Wind Farm Installation Ships

KfW IPEX-Bank has arranged the financing for two offshore wind farm installation ships for the Norwegian shipping company Fred. Olsen Windcarrier AG. The overall financing volume amounted to EUR 145 million. Of this amount, EUR 85 million was provided by KfW IPEX-Bank itself and EUR 60 million by its consortium partner Danish Ship Finance.

On the occasion of the signing ceremony Christian K. Murach, member of the Management Board of KfW IPEX-Bank, emphasised the importance of the project by saying that “Owing to their role in expanding the use of renewable energies, the ships make a vital contribution to protecting the environment and the climate. Since our long-time esteemed business partners within the Fred. Olsen related companies also have ordered a substantial volume of German supply components, our financing also boosted German exports.”

The two vessels were built at Lamprell Shipyard in Dubai. Key equipment components were also supplied from Germany, including the entire drive system from Voith Turbo, auxiliary diesel engines by MAN, generators and electronic control units by ABB and Siemens.

The installation ships – Brave Tern and Bold Tern – are third-generation jack-up contruction vessels. With a crane capacity of 800 tonnes each and dynamic positioning systems, the ships are specifically adapted to the conditions of the North Sea. They meet the requirements for the installation of all currently standard and planned wind energy plants and foundations up to a depth of 45 metres.

In providing this financing in the strategically important Norwegian market, KfW IPEX-Bank has strengthened its position as a leading financier of offshore wind farm installation and maintenance ships.

The Oslo-based Fred. Olsen related companies look back on more than 160 years as shipowner of various types of vessels. In addition to the operation of four cruise ships, the group is also a highly experienced operator of drilling units in the oil and gas sector. Beyond that the group also operates onshore wind farms in the field of renewable energies. The establishment of Fred. Olsen Windcarrier made it possible to bundle experience gained in the given activities and to pursue a strategy as an integrated service provider for the offshore wind industry. The services range from construction, maintenance and service to the repair of offshore wind farms.

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Press release, June 28, 2013; Image: forewind