Polymetal Agrees To $125 Mln Green Loan From Societe Generale Under Green Financing Framework

Gold and silver producer Polymetal International plc (POLY.L) Monday said it has agreed a $125 million Green Loan under the newly adopted Green Financing Framework with Societe Generale.

The loan would finance investments in transition to a sustainable and low-emissions economy under the Green Financing Framework. It is the first green loan in the Russian metals and mining industry.

As per the deal, Societe Generale will provide a 6-year loan with a 3-year grace period under the Green Financing Framework which specifies eligible ESG projects and criteria for their long-term funding. The loan can be extended to 7 years on the first anniversary of signing.

Polymetal said it intends to fully allocate the green loan proceeds towards the eligible green projects within 24 months from the first utilisation.

The loan proceeds will be allocated to projects among various categories, such as clean transportation, renewable energy, energy efficiency and sustainable waste and water management projects. These would contribute to Polymetal's sustainability goals and actions against climate change.

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