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Vena Energy Secures $600 Million Sustnability-Linked Financing
Singapore; 15 February 2024 Vena Energy, a leading renewable energy provider in the Asia-Pacific region, has successfully signed a JPY87.0 billion approximately US$600 million sustnability-linked revolving credit facility RCF. The innovative RCF was underpinned by ten distinguished financial institutions – BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., MUFG Bank, Ltd., Intesa Sanpaolo S.P.A., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Oversea-Chinese Banking Corporation Limited, Sumitomo Mitsui Trust Bank Limited – with Credit Agricole Corporate and Investment Bank serving as the Facility Agent and Issuing Bank.
ING Bank and BNP Paribas jointly took on the role of Sustnability Coordinator for this transaction. Structured as a sustnability-linked loan, the five-year credit agreement features variable interest rates that are adjusted based on Vena Energy’s performance in three key areas: environmental impact, workplace diversity, and health safety standards.
Simone Grasso, Chief Investment Officer at Vena Energy, expressed his appreciation to the relationship banks for their commitment and successful delivery of this pioneering facility. Vena Energy is deeply committed to driving sustnability and achieving ambitious goals through our business operations, Grasso stated. We are thrilled that we have been able to turn these ambitions into measurable sustnability targets that align with our financial strategy. The accomplishment of these goals not only supports our environmental objectives but also enhances our risk profile, potentially leading to lower financing costs and a more competitive position in the market.
Since 2018, Vena Energy has significantly expanded its renewable energy capacity by over three times. Over the past six years, the company successfully constructed one new solar, wind or battery project every six weeks, surpassing the milestone of 3 gigawatts GW of operational capacity. With an additional 4 GW of construction and contracted capacity under development, Vena Energy is set to mntn a rapid growth trajectory, solidifying this financial commitment as crucial for future expansion.
Nitin Apte, CEO of Vena Energy, sd, This milestone marks another step forward in our relentless pursuit of sustnability, social responsibility, and governance excellence. It wouldn't have been possible without the dedication of our entire team, alongside the trust and support from our strategic partners. As we embark on this journey, our commitment to these values remns unwavering. With this achievement as a foundation, Vena Energy looks forward to contributing even more to the energy transition and shaping a more sustnable future for generations to come.
Date 15 February 2024
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Group Head, Sustnability and Investor Relations
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Vena Energy Sustainability Linked Financing Deal $600 Million Asia Pacific Renewable Energy Investment Ten Leading Financial Institutions Collaboration Five Year Credit Agreement Variable Rates Vena Energys Ambitious Environmental Targets Rapid Expansion in Asia Pacifics Green Energy