AIIB Backs ENGIE's Global Renewable Expansion With Green Loan
Date
10/29/2024 7:14:47 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 29. The Asian
Infrastructure investment bank (AIIB) has pledged 75 million euros
towards a 500 million euros sustainability-linked green loan
facility to accelerate ENGIE's renewable energy projects and
decarbonization efforts globally, Trend reports via the AIIB.
This Sustainability-Linked Green Loan Project is co-financed by
the International Finance Corporation (IFC) and Proparco, marking
AIIB's second major collaboration with ENGIE following financing of
the 400 MW Gujarat Solar Project earlier this year.
The newly established loan facility is set to boost ENGIE's
clean energy portfolio across AIIB member countries, with
particular focus on Poland and South Africa. The funds will support
the acquisition, development, and construction of over 550 MW of
new installed renewable capacity in these regions. As a
sustainability-linked loan, repayment terms are tied to ENGIE's
global performance on greenhouse gas emission reductions, expansion
of renewable energy, and improvements in occupational health and
safety.
AIIB's commitment aligns with its Energy Sector Strategy, which
prioritizes support for major energy companies and state
enterprises as they transition to cleaner energy models. Through
this initiative, AIIB leverages ENGIE's leadership in green energy
to further climate-friendly projects and advance the energy
transition across its member nations. ENGIE has set a target to
invest EUR 22-25 billion in renewable and low-carbon energy
solutions from 2023 to 2025, with this project marking a
significant step in realizing that ambition.
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