Danish export credit agency EIFO has issued a buyer credit guarantee of just under DKK 180mn (€24mn) to a German banking consortium to finance three low-emission offshore wind vessels.
Danish ship construction firm Esbjerg Shipyard A/S is building the first three of up to six low-emission offshore specialist vessels, known as offshore survey and service vessels (OSSV), for German specialist firm MPC OSE Offshore.
EIFO’s 12-year guarantee covers 80% of a total loan of DKK 224mn (€33mn), which is being provided by a group of German lenders led by Ostfriesische Volksbank.
The names of the banks involved have not been revealed.
The financing is “based on a conservative capital structure with approximately 50% leverage per vessel”, said MPC OSE Offshore, a specialised investment platform for offshore service vessels managed by German investors MPC Capital GmbH.
It consists of a combination of pre-delivery financing and a first-priority ship mortgage loan, secured across the OSSV fleet, the company added.
“The conservative leverage profile, long-term tenor and support from Danish EIFO provide a resilient financial foundation for the OSSV fleet and underline the attractiveness of the platform for long-term investors,” said Felix Nölke, managing director for maritime investments at MPC Capital and MPC OSE Offshore.
Guido Mülder, board member at Ostfriesische Volksbank, added the transaction “combines a well-structured credit profile, high-quality assets and an experienced sponsor”.
The total investment for the six-vessel project will amount to €130mn, MPC OSE Offshore told GTR.
The company was set up in late 2024 by MPC Capital and offshore service specialist OS Energy to develop, build and manage high-tech, low-emission service vessels for offshore wind farms, including those in the North and Baltic Seas.
It was founded against the backdrop of growing demand for special-purpose vessels and counts Eurazeo as lead investor.
The first ship of the fleet built in partnership with Danish manufacturer Esbjerg Shipyard and backed by EIFO is nearly complete, and deliveries are scheduled for 2026-2027.
The vessels’ steel hulls are built in Poland, with the outfitting stage in Denmark involving an additional 50 Danish small and medium-sized businesses as subcontractors, EIFO said.
The ECA’s chief commercial officer for large corporates, Peter Boeskov, said the issuance of the buyer credit guarantee “contributes to Danish exports and supports Danish jobs” while “promoting the transition to renewable energy by helping increase the capacity of specialised vessels for the offshore wind industry”.
The ships will be used for various tasks throughout the entire lifecycle of wind farms, from commissioning to decommissioning.
“As these are low-emission vessels, the transaction also contributes to the sought-after CO2 reductions in the supply chain of energy projects,” Boeskov added, improving “energy independence and thereby enhancing Danish and European resilience”.
“By providing a credit guarantee for this project, we support the international competitiveness of Danish yards while contributing to a sound risk-sharing framework for long-term industrial investments,” said Jens Hestbech, director at EIFO large corporates and responsible for issuing the guarantee.
