News

Standard Chartered leads international bank syndicate in green trade finance facility

Wednesday 9 March 2022 11:44 CET | News

Standard Chartered has led a syndicate of banks – which includes Nordea, ING, and Citi in the successful execution of a EUR 350 million uncommitted green trade finance facility.

The trade facility is in partnership with Polestar Performance, the Sweden-based premium electric performance car maker and an affiliate to Volvo Cars and Geely Holding Group. In addition to its role as the structuring bank, Standard Chartered also acted as mandated lead arranger together with Nordea. 

The trade finance facility underscores the lenders’ support and commitment to Polestar’s growth and evolution as a major electric vehicle (EV) player by supporting its working capital needs. 

Polestar’s strategic focus is to develop technologies to mitigate its environmental impact, from vehicle concept through to materials and production techniques. It is focused on the goal of producing a truly carbon neutral car by 2030, including the development of new interior materials and structural components. The syndicated green invoice finance facility finances the import of EVs into Europe and North America and aligns with both the lenders’ and Polestar’s sustainability objectives to introduce more sustainable practices across their ecosystems. 

The facility also supports and upholds the broader United Nations Sustainable Development Goals to move towards sustainable development, net-zero emissions, and a green economy by providing financing to this segment. Based on European Environment Agency’s estimation, an average car in Europe emits 107.8 grams of CO2 per kilometre. Consequently, this facility could support the switch to EVs, potentially resulting in an estimated annual saving of 1,700 kilograms of CO2 per kilometre. 


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, green finance, trade finance
Categories: Banking & Fintech
Companies:
Countries: World
This article is part of category

Banking & Fintech






Industry Events