Swedish floating wind energy developer Hexicon has extended a credit facility that the firm secured previously to provide support during a phase of planned sell-offs until 30 June 2025.
For the financing, which totals SEK 75 million (approximately EUR 6.6 million), Hexicon entered into an agreement with Wallstreet Aktiebolag, a part of the Wallenius Group, along with a consortium of private investors in July 2023 to ensure the necessary operating capital to back its ongoing projects and aid strategic divestments.
Hexicon prolonged the credit facility for an additional six months in June 2024 and received the ability to utilize the funds through the end of 2024, with loan repayment and accrued interest set to be paid by the year’s conclusion.
The recent six-month extension enables the company to proceed with divestitures and concentrate on its other strategic objectives to secure the required financing, Hexicon noted on 31 December.
In its results for the first three quarters of 2024, published in November, Hexicon reported net revenue of SEK 5.2 million (around EUR 454,000), slightly increased compared to the same timeframe in 2023, and an operating loss of SEK -79.5 million (approximately EUR -6.9 million), reduced from SEK -147.9 million (about EUR -12.9 million) in the preceding year.
The company currently has 9 projects under active development, including the 1,125 MW MunmuBaram floating offshore wind project in South Korea, which Hexicon is taking over from Shell.
