Vena Energy Secures US$600 Million Sustainability-Linked Financing

Asia-Pacific renewable energy company Vena Energy, announced the signing of a JPY87.0 billion (approximately US$600 million) sustainability-linked Revolving Credit Facility (RCF).

The RCF is 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., as well as two new lenders Oversea-Chinese Banking Corporation Limited, and Sumitomo Mitsui Trust Bank Limited. Crédit Agricole Corporate and Investment Bank acted as the Facility Agent and Issuing Bank. ING Bank and BNP Paribas jointly acted as Sustainability Coordinator for the transaction.

This five-year RCF is structured as a sustainability-linked loan, with credit margins dependent on the achievement of key performance indicators (KPIs) on environmental impact, workplace diversity, and health & safety.

“We extend our gratitude to our relationship banks for their unwavering support in structuring and delivering this ground breaking facility.” stated Simone Grasso, Chief Investment Officer of Vena Energy.

“We firmly believe that companies committed to ambitious environmental, social, and governance targets are poised for greater resilience and success in today’s rapidly evolving market landscape. This RCF establishes a virtuous circle, where our ambitions are translated into measurable sustainability targets. When these targets are achieved, they contribute positively to our overall risk profile, consequently enhancing our sustainability-linked credit margins and fortifying our competitiveness to pursue even more ambitious goals.”

Vena Energy has organically grown its operating renewable energy capacity by over three times since 2018. During the past 6 years, the company has completed on average the construction of a new solar, wind or battery project every 6 weeks, surpassing the milestone of 3 Gigawatts in operating capacity to date.

With over 4 Gigawatts of additional construction and contacted capacity, Vena Energy is poised to continue to grow at a rapid pace, representing a key purpose for this RCF.