As a liquidity provider to the economy, banks play a role in supporting and advising the transition to carbon neutrality by 2050. Whether by funding ‘green’ activities like renewable energy, through innovative financing solutions, or by helping clients to transition towards a more sustainable business model.
ING has acted as the Joint Sustainability Coordinator, together with CACIB and SMBC, Documentation Agent, Facility Agent and Bookrunner & Mandated Lead Arranger in a EUR 7bn sustainability-linked loan, leading the international consortium of over 30 banks, for Axpo Holding AG - Switzerland's largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power. The facility was well oversubscribed.
The facility is tailored to Axpo’s financing & business needs with a revolving L/C tranche and a RCF tranche enabling the company to finance current business and growth initiatives. The new facility refinances two €3bn syndicated tranches.
As joint sustainability coordinator, taking the lead in the consortium of more than 30 banks, ING reinforces its sustainability leadership and commitment to the energy transition in the Swiss and EMEA market. Supporting the net zero pathway by financing renewable energy sources in the markets is a strategic priority for our organization. We look forward to continuing to work closely with Axpo in their strategic developments – says Gregory Lambillon, CEO & Country Manager of ING in Switzerland.
Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on ing.com/climate