A new milestone in the Middle East's energy transition
Leader in renewable energy and sustainable real estate in the Middle East region, Masdar has issued the first Green Trade Finance line in the region.
Masdar and Societe Generale have shown their ongoing commitment to the Middle East energy transition through the issuance of an innovative Green Trade Finance line.
Masdar’s main objective is to amplify the adoption of commercially viable solutions in the renewable energy and sustainable real estate sectors that address the sustainability challenge of the UAE, the Middle East and international markets.
Two years after the issuance of a green revolving credit facility, the first of its kind in the region, this Green Trade Finance line further strengthens the positioning of Masdar, one of Societe Generale's main clients in the Middle East, as a leader and pioneer in renewable energy.
The USD 100 million issue will be earmarked for renewable energy projects including wind power, solar photovoltaic power and concentrated solar power, such as the 100 MW Nur Navoi solar power plant project in Uzbekistan.
We are very proud to accompany Masdar with this first line of Green Trade Facility in the region. It highlights values that we have shared with this company for many years and gives us the opportunity to continue developing innovative and responsible financing solutions such as green trade guarantees.
Green Trade Finance is an innovative approach that Societe Generale launched end of last year to value and encourage its client’s transition toward a more sustainable growth, respectful of the environment.
This new offer – by setting specific eligibility & monitoring criteria – aims at valuing trade guarantees and L/Cs for which the underlying project has a clear positive contribution to the environment and supports the transition to a low carbon future.