On March 12, 2020 Zawya reported that “(t)he UAE has made a big stride in the Environmental, Social and Governance (ESG) -linked project finance landscape worldwide.
On Wednesday, a desalination project, majority-owned by Abu Dhabi government secured a sustainability-linked loan certification, for its global project called Taweelah Independent Water Project (IWP).
The $758 million loan was closed in September 2019 with a 32.4- year tenor.
According to a joint statement issued by the project’s lead arranger Natixis, a French financial services firm and ACWA Power, France’s ESG rating firm, Vigeo Eiris, has provided an independent second party opinion on the sustainability credentials and management of the project finance loan.
Vigeo Eiris confirmed that the project is aligned with the four components of both the Green Loan Principles (published by the Loan Market Association in 2018) and the Social Bond Principles (published by the International Capital Market Associatiton (ICMA) in 2018, and used for the project in the absence of published Social Loan Principles).”
You may read the article on the Zawya internet site.