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GREEN FINANCING

Overview

We will be collecting all transaction data that has a green financing element to it, as well as elaborating on new green financing techniques and strategies we are seeing come to market. To ensure that we have the most up-to-date information, we will be hosting green financing experts who are involved in these transactions to shed further light on this important topic. 

Current focus will be on:

  • Sustainability-linked loans

  • Green bonds

  • ESG Metric Reporting

  • Carbon Credit Markets

Featured Content

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Green Financing Report

Marine Money brings you Green & Sustainability-linked Financing for Shipping: Understanding the Requirements, Benefits and Costs of Responsible Finance. From second party opinions to Key Performance Indicators, this report helps borrowers understand the key considerations of this fast-growing market for capital.

Event Videos

Green Financing Articles

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A Delayed Opening

Apr 14, 2022

Wallenius Wilhelmsen ASA reopened the Nordic bond market with a NOK 1.25 billion sustainability-linked bond.

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The First But Certainly Not the Last: The Norwegian Bond Deal of the Year

Mar 1, 2022

Last January, Odfjell SE successfully completed a new sustainability-linked four-year senior unsecured bond issue of NOK 850 million (~$100 million).

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e1 Marine & the $40 million win, Win, WIN!: The Preferred Equity Deal of the Year

Mar 1, 2022

Shipping companies generally issue preferred shares for three basic reasons: (1) they need the cash; (2) their balance sheet can’t support more cheap debt; and (3) their share price is so low that issuing common equity would be unduly dilutive to shareholders.

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There Is Always a First Time

Mar 10, 2022

In its recent earnings presentation, BW LPG highlighted the upsizing of its existing $221 million facility with a $40 million sustainability-linked loan to finance the retrofitting of four dual-fuel LPG propulsion engines.

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Höegh Autoliners Equity Private Placement to Fuel Green Transition of Fleet: Equity Private Placement Deal of the Year

Mar 1, 2022

On November 24th, 2021, Höegh Autoliners, one of the leading global operators in the car carrier shipping segment, completed a landmark private placement of NOK 1,365m (USD 135m).

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Everything Is Coming Up Green

Feb 24, 2022

Eneti announced commitments for a $175 million green loan.

Green Financing Deals

Headline

MPC Container Ships ASA inks sustainability linked loan

Company

MPC Container Ships ASA

Type

Bond

Sector

Container

Amount (mUSD)

125

Transaction Date

9/25/24

Comments

Following a successful two-day roadshow, the bond issue attracted strong demand from a broad range of high-quality institutional investors globally. The book was significantly oversubscribed, enabling the deal to be upsized from USD 100 million to USD 125 million. Net proceeds from the bond issue will be applied towards general corporate purposes, including refinancing of existing financial indebtedness and acquisition of maritime assets. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

Headline

Maritime startup receives funding for continued development of emissions reduction software

Company

Signol

Type

Equity

Sector

Infrastructure

Amount (mUSD)

3.3

Transaction Date

9/2/24

Comments

Sustainability startup Signol, which uses behavioral science to reduce emissions in shipping and aviation

Headline

TECO 2030 completes second tranche of a private placement with a green infrastructure investor

Company

TECO 2030

Type

Equity

Sector

Infrastructure

Amount (mUSD)

1

Transaction Date

8/30/24

Comments

Second tranche of the Advait Infratech Limited investment totaled NOK 10.5 million in TECO 2030 to support development of maritime hydrogen fuel cells.

Headline

IWS Fleet secures upsized green senior secured loan facility

Company

Integrated Wind Solutions ASA

Type

Loan

Sector

Offshore Wind

Amount (mUSD)

208.1

Transaction Date

8/29/24

Comments

The proceeds from the upscaled facility will be used for long-term post-delivery financing of the Commissioning Service Operation Vessel (“CSOV”) newbuildings, three of which are still under construction with delivery in Q4 2024 and H1 2025.

Headline

Eidesvik Offshore ASA receives grant to fund conversion of the Viking Energy to dual fuel operation.

Company

Eidesvik Offshore ASA

Type

Equity

Sector

Offshore

Amount (mUSD)

6

Transaction Date

8/26/24

Comments

Eidesvik announces that their vessel Viking Energy is part of the European innovation project ‘Apollo’ where the partners will retrofit the vessel with a dual fuel engine able to operate on ammonia. The project has been granted EUR 5 million in funding from the European Union’s Horizon Europe program. Additional details were not disclosed.

Headline

Cadeler has successfully renegotiated and replaced a senior secured green term loan facility

Company

Cadeler A/S

Type

Loan

Sector

Offshore Wind

Amount (mUSD)

456

Transaction Date

8/19/24

Comments

The replacement facilities, one for each M-Class wind turban installation vessels, have been entered into on materially improved terms reflecting Cadeler’s strong credit story and strengthened market position. Additional details were not disclosed.

Headline

New vessel design firm receives initial funding to design an innovative sailing vessel

Company

Drift Energy

Type

Equity

Sector

Offshore

Amount (mUSD)

6

Transaction Date

8/16/24

Comments

DRIFT Energy aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea.

Headline

TECO 2030 completes first tranche of a private placement with a green infrastructure investor

Company

TECO 2030

Type

Equity

Sector

Infrastructure

Amount (mUSD)

1

Transaction Date

7/26/24

Comments

Advait Infratech has agreed to invest NOK 11 million in TECO 2030 to support development of maritime hydrogen fuel cells.

Headline

Gunvor Group secures another sustainability-linked syndicated RCF and accordion

Company

Gunvor Group Ltd.

Type

Loan

Sector

Diversified

Amount (mUSD)

1320

Transaction Date

7/12/24

Comments

Gunvor secures US $1.32 billion sustainability-linked syndicated RCF with over-subscription and accordion with participation by 26+ world wide lenders. Proceeds will be used for general corporate and working capital purposes, including the refinancing of the Borrower’s existing US$ 1.035 billion 2023 Asia Sustainability-linked Revolving Credit Facility. Additional details were not disclosed.

Headline

Klaveness Combination Carriers successfully places a second bond tap facility

Company

Klaveness Combination Carriers AS

Type

Bond

Sector

Diversified

Amount (mUSD)

28.2

Transaction Date

7/2/24

Comments

The Company will use the net proceeds from the senior unsecured sustainability-linked bonds for general corporate purposes, which may also include refinancing of debt.

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