Polymetal agrees USD-125m green loan in Russia

Dollars in green. Author: 401(K) 2012.

November 5 (Renewables Now) - Anglo-Russian metals mining group Polymetal International PLC (LON:POLY, MCX: POLY) earlier this week announced an agreement for a green loan worth USD 125 million (EUR 105.5m) with Societe Generale (EPA:GLE).

This is the first green loan in Russia's metals and mining industry provided under the Green Financing Framework. The loan facility has a term of six years, which can be extended to seven years, with a three-year grace period.

The funds provided as part of the loan can be used for projects covering clean transport, renewable energy, energy efficiency and sustainable waste and water management. Polymetal plans to fully use the proceeds within 24 months from the first utilisation.

The agreement marks the third sustainability-linked loan for Polymetal. Environmental, social and governance (ESG) investments now account for 18% of the company's credit portfolio.

Polymetal produces gold and silver and has assets in Russia and Kazakhstan.

(USD 1.0 = EUR 0.845)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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