Singapore – Standard Chartered announced that it played a lead role in structuring, underwriting, and arranging a USD720 million syndicated loan facility for Yinson Holdings Berhad (Yinson) for the floating production storage and offloading (FPSO) Maria Quitéria project, which marks the first transition finance facility for an FPSO system underwritten by the Bank.
Standard Chartered advised Yinson on the financing structure and strategised the market approach to form an underwriting group to achieve Yinson’s goal of raising the facility amount, which will be used to support the ongoing construction of FPSO Maria Quitéria. The project was awarded to Yinson by Petróleo Brasileiro S.A. in November 2021 for the Parque das Baleias Integrated Project.
The facility, which will in part finance the conversion of FPSO Maria Quitéria, incorporates technologies including those which aim to contribute to reduction of flaring from the field. This meets the parameters for the Bank’s transition finance framework to achieve the corresponding labelling.
Commenting on the deal, Henrik Raber, Global Head of Credit Markets at Standard Chartered, said: “This is a milestone in the Bank’s transition finance journey, which demonstrates our commitment in responding to the urgent need to transition to a low carbon world while supporting the markets and sectors that are driving economic growth. We are delighted to have taken a lead role in contributing to the success of this deal, driven by both Standard Chartered and Yinson’s common ambition to accelerate the net zero transition.”
Marisa Drew, the Bank’s Chief Sustainability Officer, added: “Standard Chartered is very pleased to have supported Yinson on their inaugural transition financing transaction. Shipping is responsible for nearly 3% of man-made CO2 emissions and therefore has a crucial role to play in decarbonising our economy. The bank has developed a Transition Finance Framework and has committed to mobilising USD300 billion of sustainable and transition financing globally.”
Yinson Group Chief Strategy Officer Daniel Bong commented: “At the heart of our offshore production business is our joint aspiration with our clients towards tackling world climate issues. Standard Chartered has been a firm supporter of our climate efforts for many years, and we are grateful to once again receive their support in this deal, together with our other banking partners. The confidence that the financial industry has in us is crucial towards achieving our shared vision of accelerating the transition to a low carbon world.”
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Yinson Holdings Berhad
Yinson Holdings Berhad (“Yinson” or the “Group”) is a global energy infrastructure and technology company, listed on the Main Market of Bursa Malaysia Securities Berhad. Yinson runs four business units:
- Yinson Production is one of the largest independent floating, production, storage and offloading (“FPSO”) leasing companies globally, with an orderbook of over USD16 billion until 2048.
- Yinson Renewables is a global clean energy producer with a growing pipeline of assets of over 5 GW across the entire renewables value chain.
- Yinson GreenTech is a green solutions provider that aims to deliver a clean, integrated and technology-enhanced ecosystem across the marine, mobility, energy and digital segments through investments in novel green businesses, R&D and strategic partnerships.
- Regulus Offshore owns and charters offshore support vessels (OSVs) supporting the offshore industry.
The Group is recognised for its leadership position in sustainability and ESG. It set its Climate Goals to be carbon neutral by 2030 and net zero by 2050 and is actively implementing solutions, through its business units, towards a low carbon future.
Visit our website at www.yinson.com for more information.