Swedish floating wind developer Hexicon has extended a credit facility the company secured earlier to provide support during a period of planned divestments until 30 June 2025.
For financing, which amounts to SEK 75 million (approximately EUR 6.6 million), Hexicon signed an agreement with Wallstreet Aktiebolag, part of the Wallenius Group, and a group of private financiers in July 2023 to ensure the necessary working capital to support its ongoing projects and facilitate strategic divestments.
Hexicon extended the credit facility for six months in June 2024 and got the flexibility to utilise the funds until the end of 2024, with the loan repayment and accrued interest due by the end of the year.
The new six-month extension enables the company to proceed with divestments and focus on its other strategic priorities to secure the necessary financing, Hexicon said on 31 December.
In its results for the first three quarters of 2024, issued in November, Hexicon reported net revenue of SEK 5.2 million (approx. EUR 454,000), slightly up compared to the same period in 2023, and an operating loss of SEK -79.5 million (approx. EUR -6.9 million), down from the SEK -147.9 million (approx. 12.9 million) in the previous year.
The company currently has nine projects in active development, including the 1,125 MW MunmuBaram floating offshore wind project in South Korea, which Hexicon is taking over from Shell.