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HICL Infrastructure converts facility into green-linked loan
Mon, 24th May 2021 08:56
(Alliance News) - HICL Infrastructure PLC on Monday said it has renegotiated a GBP400 million revolving credit facility into a sustainability-linked loan.
The facility now has defined sustainability targets , the infrastructure investment company said. The facility links interest charged to HICL s performance in relation to environmental, social and governance matters, HICL added.
It will see a premium or a reduction to its interest based on its performance against ESG targets including reducing emissions as well as waste reduction. The facility has a two-year term and the consortium of lenders includes Sumitomo Mitsui Banking Corp, National Australia Bank and Royal Bank of Scotland International.
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Recent refinancings for
Port of Newcastle, the world s largest thermal coal export port, and the
Loy Yang B coal-fired power plant in Victoria show that the sector is becoming increasingly reliant on a narrower group of lenders as the focus on environmental, social and governance factors upends long-standing relationships. Both deals took several months to close, underlining the challenges facing Australian borrowers in a sector with about US$13bn of loans due to mature by the end of 2023. (
See Table.)
“The ESG movement is strong and it’s very challenging to fight against it,” said a Sydney-based banker at an Asian bank. “Banks are competing for green credentials and keen to promote how ‘green and clean’ they are. It’s difficult to book new assets, particularly in thermal coal.”
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