FAB Provides ESG Trade Finance For Senvion Wind Technology Private Limited India As Part Of Its ESG Commitment
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has closed a multi-million-dollar green trade facility for Senvion India, aligning with FAB’s ESG ambitions in the renewable energy space.
Senvion India manufactures, assembles, installs, and markets a competitive range of technologically advanced wind turbine generators, and was acquired in 2021 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.
FAB’s ESG compliant trade finance facility will enable Senvion to procure raw materials for the manufacturing of the wind turbine generators, and thereby, get closer to their net zero ambitions and allow sourcing of clean energy.
The deal demonstrates FAB’s ability to successfully deliver a multi-geography ESG solution to our clients within the Saudi Arabia and India trade corridor.
Martin Tricaud, Group Head of Investment Banking, said, “We are pleased to support Senvion India in expanding their strategic investments in clean energy, using innovative ESG-optimised offerings to achieve positive environmental and social impacts. 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.”
Amit Kansal, Managing Director & CEO, Senvion Wind Technology Private Limited, added,” At Senvion India, we are committed towards 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 work together with FAB India on our sustainability initiatives and to create positive social and environmental impact.”
First Abu Dhabi Bank
FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.