Hexicon adds €2.7M debt tranche as it eyes Korean offtake auction
What's the deal? Swedish floating-wind developer HexiconDealroom has a profile for this one. Try Dealroom → has secured up to €2.67 million in additional financing through a new tranche of its development loan facility with Nuveen Infrastructure. The company, listed on Nasdaq First North, added the tranche via an amendment to a facility first signed on May 30, 2023.
The terms: Of the €2.67 million, €0.67 million will come through back-leverage financing from certain Back Lenders, including some of Hexicon's largest shareholders. One of those lenders is related to the chairman of the board.
What's the endgame? Hexicon is an early-stage developer of floating wind projects in deep-water areas and a technology provider with its patented TwinWind design. The new capital is earmarked for corporate overhead and continued development of the company's priority projects.
Why now? Chief executive officer Marcus Thor said the immediate focus is advancing the MunmuBaramDealroom has a profile for this one. Try Dealroom → project ahead of an upcoming Korean offtake auction. "With the key permits and grid connection required for participation in place, we are focused on positioning the project for the auction and its next stage of development," he said.
The details: Subject to approval at an Extraordinary General Meeting, the Back Lenders can convert their €0.67 million portion into ordinary shares at SEK 0.25 per share, with a matching warrant at the same strike price. The tranche matures on December 31, 2027.
Following the amendment, the aggregate amount available under all tranches of the facility rises to up to €52.42 million.
The signal: The extension underscores how capital-intensive floating wind remains, with developers leaning on repeated debt tranches and shareholder backing to fund projects through permitting and toward commercial milestones.
Read more: finanznachrichten.de
Image credit: mmatsuura
