2nd Nov 2020 11:12
(Alliance News) - Polymetal International PLC on Monday signed a USD125 million green loan with French investment bank Societe Generale SA, the first such loan in the Russian metals and mining industry.
Shares in the FTSE 100 precious metals miner were up 2.0% at 1,672.00 pence on Monday in London. SocGen's shares were 2.7% higher at EUR11.95 in Paris.
SocGen will provide the loan for six years with a three-year grace period under the Green Financing Framework, which identifies eligible suitable projects for long-term funding.
Proceeds from this facility will go towards projects in categories such as clean transportation, renewable energy, energy efficiency and sustainable waste and water management projects.
Polymetal expects to fully allocate the green loan proceeds towards such projects within 24 months from its first use.
"We want our business model to be sustainable and we are actively investing in energy efficient technologies and responsible waste and water management. With the first green loan, we invite lenders to contribute to our ESG goals and we provide comfort to stakeholders that our green projects and strategy are aligned with the global Sustainable Development Goals," said Finance Director Eugenia Onuschenko.
By Dayo Laniyan; [email protected]
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