Thursday , December 13 2018

Masdar inks region’s first green facility to spur sustainability

Abu Dhabi / WAM

Masdar, Abu Dhabi Future Energy Company, has signed a green Revolving Credit Facility (RCF) with four local and international banks to provide funding for new and ongoing investments in its global clean technology and sustainable real estate projects.
The facility, which is the first green RCF in the Middle East, has been arranged with the UAE’s First Abu Dhabi Bank, FAB, Societe Generale Corporate & Investment Banking, Japanese multinational banking and financial services company Sumitomo Mitsui Banking Corporation, and pan-European global banking and financial services group UniCredit – together the mandated lead arranger and bookrunners – as part of their ongoing commitment to sustainable finance.
The three-year facility includes a number of ‘green features’ which are consistent with the Loan Market Association’s Green Loan Principles (GLP),
a set of guidelines designed to support environmentally sustainable economic activity.
Masdar, a subsidiary of Mubadala Investment Company, is committed to report on an annual basis its performance against a set of key sustainability targets, which include displacement of carbon dioxide emissions, electricity generation from rene- wable energy sources (including solar, wind and other recognised clean energy technologies), and levels of ‘embodied carbon’, which refers to the amount of carbon dioxide emitted during the manufacture, transport and construction of building materials.
Commenting on the announcement, Niall Hannigan, Chief Financial Officer of Masdar, said, “Our new green facility provides liquidity for general corporate purposes and shows that Masdar is establishing greater independence and greater financial discipline in line with its growth strategy.”

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