Seatrium has, through its wholly-owned subsidiary, Seatrium Financial Services, secured a $400 million committed green revolving loan facility from United Overseas Bank U11 (UOB).
The loan facility is underpinned by green loan principles and will finance Seatrium’s green and, or environmentally sustainable projects. It will also help the group achieve its environmental, social and governance (ESG) targets over time.
"Seatrium is pleased to partner with UOB on our inaugural green loan facility that will enable us to unlock new opportunities to scale our business ambitions in maritime and offshore renewables,” says Adrian Teng, chief financial officer (CFO) of Seatrium.
“Successful partnerships with industry players and financial institutions are critical in achieving our shared commitment towards maritime decarbonisation. UOB's strong support for our green financing efforts underscores their commitment towards sustainable development, a key step towards driving positive change in clean energy transition,” he adds.
“The transformation of the global energy system is exponential and green financing plays a pivotal role in accelerating this transition towards decarbonisation. As like-minded partners, we are aligned and supportive of Seatrium’s industry-leading efforts to seize opportunities within the renewables energy segment. This partnership will pave the way for more innovative and cleaner energy solutions to chart responsible business growth globally,” says Leong Yung Chee, head of group corporate banking at UOB.
Seatrium had secured over $2 billion in sustainability-linked loans and green financing in 2023. The group has targeted to have 40% of its net order book made up of cleaner and, or greener solutions and renewable sources of energy by 2030.
See also: A US$12 bil climate fund is readying a rare bond issuance
As at 2.53pm, shares in Seatrium are trading 0.1 cent lower or 0.94% down at 10.6 cents.
