DBS converts EUR 500 million guarantee facility with Siemens Gamesa Renewable Energy to green facility
Singapore, 24 Feb 2020 - DBS Bank (DBS) today announced that it has converted to a green facility, its EUR 500 million bank guarantee issuance facility with Siemens Gamesa Renewable Energy (Siemens Gamesa). Siemens Gamesa is a leading global manufacturer of onshore and offshore wind turbines.
Under this green facility, Siemens Gamesa will be able to issue Green Guarantees to support their supply of equipment and services for wind energy projects internationally, with unique features that promote and assure higher standards of sustainable sourcing and deployment. This supports the United Nations Sustainable Development Goals (SDGs) relating to "affordable and clean energy" as well as "climate action", and advances Siemens Gamesa and DBS’ commitments to sustainable development.
Terence Yong, Group Head, Western Multinationals, DBS, said that the demand for sustainable financing to support the renewable energy sector in Asia is growing. It is therefore important to support clients such as Siemens Gamesa who not only want to make clean energy more affordable and reliable but also ensure high standards of sustainability in its supply chain.
“At DBS, we believe that we have a responsibility to partner with clients that are advancing clean energy in Asia. We are pleased that together with clients like Siemens Gamesa, we are able to contribute to a positive change, advance the SDGs and generate long-term value for the community,” he said.
David Mesonero, CFO of Siemens Gamesa said that the SDGs reflect a new understanding that global development must integrate economic growth, social well-being and environmental protection.
"This deal is a further step in our commitment to being one of the main drivers of sustainable development. At Siemens Gamesa, we are focused on driving this global process and contributing to the attainment of those goals. In fact, our wind turbines produce clean energy for millions of homes and contribute to combating climate change, one of the main challenges that we face at present," he said.
With over 100 GW of installed wind capacity, Siemens Gamesa contributes to cutting CO₂ emissions by 264 million tons per year, equivalent to the planting of more than four billion trees. The company also supports the global climate protection goals and has adopted a global initiative to decarbonise economies. Siemens Gamesa has undertaken to be carbon-neutral by 2025, by replacing conventional emission-intensive power sources with renewable energies in its operations.
Hong Teck Khiam, Head, Power & Utilities Industry, DBS, said, “Wind energy plays a vital role in the global energy transition. With a comprehensive suite of innovative financing solutions and our Asian network connectivity, DBS is well-positioned to partner global and regional renewable energy players in this transition journey.”
Over the last two years, DBS has provided over SGD 3 billion in financing and advisory services to the renewable energy sector across nine markets in Asia Pacific comprising onshore and offshore wind projects, as well as ground-mounted, rooftop and floating solar energy projects.
In 2019 alone, DBS closed about SGD 5 billion in sustainable finance transactions comprising green loans, sustainability performance-linked loans and renewable energy financing. Key milestone transactions include:
Inking Singapore’s first sustainability-linked loan for an SME with leading egg producer Chew’s Agriculture
[1]
;
Signing first-of-its-kind SDG Innovation Loan with City Developments
[2]
to accelerate innovative solutions that have a positive impact on SDGs;
Signing Taiwan’s first sustainability-linked loan with AU Optronics
[3]
. The loan is also the first of its kind for an IT company in Asia Pacific;
Being Mandated Lead Arranger for the financing of three offshore wind farms in Taiwan worth SGD 8.5 billion equivalent. These wind farms will have a total installed capacity of 1.1GW and will supply clean energy to more than 900,000 Taiwanese.
Advising and leading the financing of Vena Energy’s 70MW ground mounted solar structure, Taiwan’s largest-to-date.
Last year, DBS also launched the second season of its award-winning mini-series Sparks to shed light on some of the most pressing social and environmental issues of the day. The episodes were inspired by the stories of social enterprises supported by DBS Foundation, which has nurtured over 300 social enterprises and awarded over 100 social enterprises in Asia with more than SGD 4.7 million in grant funding.
[1]
https://www.dbs.com/newsroom/Chews_Agriculture_signs_Singapores_first_SME_sustainability_linked_loan_with_DBS
[2]
https://www.dbs.com/newsroom/CDl_and_DBS_set_benchmark_on_innovation_focused_financing_for_sustainable_development
[3]
https://www.dbs.com/newsroom/DBS_Bank_and_AU_Optronics_sign_Taiwans_first_sustainability_linked_loan
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “
World’s Best Bank
” by Euromoney, “
Global Bank of the Year
” by The Banker and “
Best Bank in the World
” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “
World’s Best Digital Bank
” by Euromoney. In addition, DBS has been accorded the “
Safest Bank in Asia
” award by Global Finance for 11 consecutive years from 2009 to 2019.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 28,000 staff, representing over 40 nationalities. For more information, please visit
www.dbs.com
.
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
