First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, has closed a multi-million-dollar green trade facility for Senvion India, one of the leading wind turbine manufacturers, in line with the bank’s efforts to promote its net-zero ambitions.
The environmental, social and governance (ESG)-compliant trade finance facility of FAB will allow Senvion to procure raw materials for manufacturing the wind turbine generators, and thereby, get closer to their net-zero ambitions and allow sourcing of clean energy.
Senvion India manufactures, assembles, installs, and markets a competitive range of technologically advanced wind turbine generators. Last year, it was acquired by Global Renewable Energy Development Holding Company Limited (GREDHCL), a dedicated investment vehicle of Alfanar group, a prominent Saudi business group involved in renewable energy development across India, the Middle East and Europe.
“In alignment with the wider FAB Group, our sustainable financing solutions through trade help underpin the bank’s commitment to support the United Nations’ Sustainable Development Goals and the UAE Net-Zero by 2050 Strategic Initiative, and further extend FAB’s leading profile as the first bank in the Middle East to join the Net Zero Banking Alliance.”
The deal demonstrates FAB’s ability to provide a multi-geography ESG solution within Saudi Arabia and India trade corridor, the lender stated. FAB, which became the first bank in the Middle East and North Africa (MENA) region to issue a green bond last year, has financed more than $10 billion in sustainable projects.
Mr. Amit Kansal, Managing Director and CEO, Senvion Wind Technology Private Limited, added, “At Senvion India, we are committed to building a sustainable future. We are conscious of our responsibility towards future generations. Thus, at Senvion India our continuous effort is to make energy cleaner and more affordable. We are also readying ourselves to tread the path towards net zero and source clean power for all our manufacturing units. In this journey, we look forward to working together with FAB India on our sustainability initiatives and to create positive social and environmental impact.”