Statkraft signed a five-year, $1.43 billion sustainability-linked syndicated revolving credit facility with two one-year extension options. The facility replaces Statkraft’s existing syndicated revolving credit facility of NOK 9.2 billion ($1.05 billion) which was signed in June 2016.
DNB acted as sustainability coordinator, mandated lead arranger and bookrunner and BNP Paribas acted as documentation agent, mandated lead arranger and bookrunner of the facility, which is also supported by the following selected group of banks committing as mandated lead arrangers and bookrunners: Barclays Bank, Danske Bank, Handelsbanken, Nordea, Santander, SMBC, Societe Generale and UniCredit, with SEB also acting as facility agent.
Statkraft has a clear commitment to sustainability, and through its activities aims to create value for society, the environment and the company. The facility’s interest margin will be adjusted (premium or discount) based on Statkraft’s performance on three pre-defined strategic sustainability targets on an annual basis.
The targets relate to the company’s development of renewable capacity of hydro, wind and solar power, the company’s commitment to health, safety, security and environment and share of women in management positions.
The company aims to be a leading renewables company globally by 2025, and a clear focus on sustainability is one of the enablers of this strategy. The company also recognizes the importance of the UN Sustainable Development Goals (SDGs) and has an overarching ambition to contribute to combatting climate change which is SDG 13. Most of Statkraft’s activities are classified as EU Taxonomy eligible.
“Statkraft is very pleased with the agreement, with terms reflecting the strong trust and long-term relationship with our core banks. We are committed to a sustainable and responsible business conduct, and continuously seeking to improve the way we do things. As Europe’s largest supplier of renewable energy, we of course want to support our growth strategy by committing to sustainability targets through this facility,” Anne Harris, CFO of Statkraft, said.