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9 August 2023

For further information, please contact:

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About ABL Group ASA

ABL Group (OSE: ABL Group ASA – ticker code “ABL”) is a leading independent global consultancy delivering energy, marine, engineering and digital solutions to drive safety and sustainability in renewables, maritime and oil & gas sectors. The group has offices in 39 countries worldwide and operates under four brands: ABL, OWC, Longitude and AGR.

OWC technical advisor for Hexicon floating wind financing

OWC has acted as lender’s technical advisor to Glennmont Partners LLP in conjunction with a EUR 45 million debt financing package to fund Hexicon’s floating wind development activities.

OWC’s scope of work included technical due diligence of Hexicon’s floating offshore wind project portfolio and the funding recipient’s organisational set-up.

Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. The company raises long-term capital to invest in alternative power generation projects, such as wind farms, biomass power stations, solar parks and small-scale hydro power plants.

Hexicon is an early project-developer in floating wind, opening new markets in deepwater areas, and a technology provider with a patented floating wind design – TwinWind™.

The EUR 45 million debt financing agreement is a solution which provides for the specific needs of Hexicon as a growing developer, while providing Glennmont’s institutional investors with a foothold in the critical and rapidly growing floating offshore wind sector.

The majority of the funds will be utilised to further develop Hexicon’s projects across the world, including:

  • TwinHub, in the UK
  • MunmuBaram, a project in South Korea under a JV with Shell
  • AvenHexicon, a pipeline in Italy under a JV with Avapa Energy
  • Freja Offshore, a pipeline in Sweden under a JV with Mainstream Renewable Power, including Mareld Green Energy AB
Katherine Phillips

“Hexicon have an exciting pipeline of floating offshore wind projects. We are delighted to have played a small part in helping to progress some of these projects whilst simultaneously protecting the financial interests of Glennmont Partners.”

Katherine Phillips, managing director of OWC

At OWC, we provide specialist renewable energy consultancy that helps develop and deliver projects in offshore wind, onshore wind, floating and fixed solar PV, energy storage and hydrogen. We work with developers and investors in all global markets.

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