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Swedish floating wind specialist Hexicon AB (STO:HEXI) said on Wednesday it has secured a loan facility of up to EUR 45 million (USD 48m) from fund manager Glennmont Partners.
Up to EUR 35 million of the loan is intended to fund the development of Hexicon’s project pipeline, while up to EUR 10 million will be used for fully repaying the company’s outstanding convertible loans. The facility matures in 2029.
“This agreement offers us the financial flexibility needed to effectively develop our project pipeline and optimise the divestment of selected projects at the best possible time and terms,” said chief executive Marcus Thor.
According to Francesco Cacciabue, chief financial officer and partner of Glennmont Partners, the development financing agreement could deliver strong value to the firm’s clients through exposure to an important sector.
The financing can support the development of the TwinHub project in the UK, the MunmuBaram project in South Korea under a joint venture (JV) with Shell, the AvenHexicon pipeline in Italy under a JV with Avapa Energy, and the Freja Offshore pipeline in Sweden under a JV with Mainstream Renewable Power, including Mareld Green Energy AB.
(EUR 1 = USD 1.074)