Downing Renewables & Infrastructure (DORE) has announced that a €43.5m debt facility that its subsidiary, Downing Hydro AB, announced in December 2021 has been classified as a Green Loan by the lender, Skandinaviska Enskilda Banken (SEB), a leading corporate bank in the Nordics. Downing Hydro AB entered into the seven-year debt facility to finance its initial hydropower portfolio as well as a strong transaction pipeline of further hydropower acquisitions. The classification of the facility as a green loan is after meeting the requirements set by SEB’s Green Bond Framework (GBP). The GBP was developed to align with the 2021 ICMA Green Bond Principles (GBP) and, more broadly, to the substantial contribution part of the technical screening criteria of the EU Taxonomy as of December 2021.
Comments from Henrik Dahlström, Chairman of Downing Hydro AB
“We very much welcome this outcome and value the strategic relationship we have developed with SEB. The formal classification of our debt facility as a green loan serves as a good illustration to the positive environmental impact of DORE’s hydropower investment and adds credence to our commitment to sustainable investments and our status as an EU SFDR Article 9 fund with sustainable investment objectives.”
Comments from Lars-Åke Svensk, Senior Transaction Manager at SEB Project & Infrastructure Finance
“Hydropower is an essential element in the Swedish energy production with more than 40% of total production. SEB is very pleased to have the opportunity to cooperate with Downing Hydro in enabling investments in this type of critical and highly sustainable energy infrastructure in Sweden.”