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Vena Energy secures landmark $600m sustainability facility to drive renewable energy expansion in Asia-Pacific

Vena Energy, a prominent renewable energy company in the Asia-Pacific region, has finalized a JPY87.0 billion (approximately USD 600 million) sustainability-linked Revolving Credit Facility (RCF). This facility, provided by ten financial institutions, including BNP Paribas, Crédit 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, and Sumitomo Mitsui Trust Bank Limited, marks a significant step in advancing sustainable financing in the region. Crédit Agricole Corporate and Investment Bank acted as the Facility Agent and Issuing Bank.

The RCF, structured as a sustainability-linked loan over five years, entails credit margins tied to the achievement of key performance indicators (KPIs) concerning environmental impact, workplace diversity, and health & safety. ING Bank and BNP Paribas jointly served as Sustainability Coordinators for the transaction, emphasizing the commitment of all parties involved to sustainable business practices.

Simone Grasso, Chief Investment Officer of Vena Energy, expressed gratitude to the relationship banks for their support in structuring this groundbreaking facility. Grasso emphasized the belief that companies dedicated to ambitious environmental, social, and governance targets are positioned for greater resilience and success in today’s dynamic market environment. The RCF establishes a framework where sustainability targets translate into tangible outcomes, positively impacting the company’s risk profile and enhancing competitiveness.

Vena Energy has experienced remarkable organic growth in its renewable energy capacity, expanding over threefold since 2018. The company has consistently achieved construction milestones, completing a new solar, wind, or battery project every six weeks on average over the past six years. Surpassing the milestone of 3 Gigawatts in operating capacity, with over 4 Gigawatts in additional construction and contracted capacity, Vena Energy is primed for continued rapid growth, underscoring the significance of the RCF in supporting its expansion plans.

Nitin Apte, Chief Executive Officer of Vena Energy, hailed the achievement as a significant milestone in the company’s journey towards environmental, social, and governance excellence. Apte credited the dedication of the entire team and the steadfast support of relationship lenders for making this milestone possible. He reiterated the company’s commitment to sustainability goals, leveraging this achievement as a catalyst for further advancements in the energy transition. Together with its partners, Vena Energy aims to lead by example, shaping a more sustainable and resilient energy market for current and future generations.


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