DBS converts $758m bank guarantee facility into green facility

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DBS converts $758m bank guarantee facility into green facility

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Wind turbine maker Siemens Gamesa will issue green guarantees under the facility.

DBS has converted its $758m (EUR500m) bank guarantee issuance facility with Spanish wind turbine maker Siemens Gamesa Renewable Energy into a green facility, according to a news release.

Under the facility, Siemens Gamesa will be able to issue green guarantees to support their supply of equipment and services for wind energy projects internationally. The firm has over 100 gigawatts of installed wind capacity and aims to be carbon-neutral by 2025.

Over the last two years, DBS has provided over $3b in financing and advisory services to the renewable energy sector across nine markets in Asia Pacific comprising onshore and offshore wind projects, as well as ground-mounted, rooftop and floating solar energy projects. In 2019, it closed about $5b in sustainable finance transactions comprising green loans, sustainability performance-linked loans and renewable energy financing.