ImpactAlpha, December 21 – The Renewables Infrastructure Group has secured a £500 million ($663 million) line of credit from a consortium of global banks. The London-based energy infrastructure investment firm will get a discount on interest on a three-year line of credit if it meets social, environmental and governance milestones, including helping more homeowners switch to clean energy, improving worker safety, and supporting community finance.
The credit facility is backed by National Australia Bank, Royal Bank of Scotland, ING, Sumitomo Mitsui Banking Corporation, Barclays and Santander.
Global financiers are using impact-linked credit to drive corporate sustainability – and reduce risks. Singapore’s Olam, London’s London & Quadrant, San Francisco’s Prologis and Dallas-based Aligned are among the borrowers that have secured impact-linked debt (see, “An incentive for companies that deliver on sustainability: lower-cost capital“).