HSBC has arranged a green trade finance deal worth US$48mn for Lamprell, an engineering services provider, to support the UAE-based company’s fabrication work on an offshore wind farm in the North Sea. The bank was the sole arranger of the facility, which includes guarantees, import loans and documentary credits. The Seagreen wind project is located off the coast of Scotland and involves building and installing 114 wind turbine generators. As a subcontractor, Lamprell will fabricate 30 jackets and suction base foundations for the generators. Christopher McDonald, CEO of Lamprell, says that “it is important for us to have access to this type of financing, which is not only aligned to our green agenda but is also structured efficiently”. He adds that it is “vital” that banks and corporates work together closely to “further deepen the green finance market in the Middle East, supporting the global and regional transition to a low-carbon future”. Daniel Howlett, HSBC’s regional head of commercial banking for the Middle East, North Africa and Turkey, adds: “This transaction demonstrates the commercial viability of green finance in the Middle East for issuers beyond sovereigns, financial institutions and the largest multinational corporations.” In 2020, HSBC announced a plan to… continue reading
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Source: CTRM Center