Ørsted Signs New €2 Billion Sustainability-Linked Revolving Credit Facility

Ørsted has signed a €2.0 billion five-year sustainability-linked syndicated revolving credit facility with two one-year extension options. The facility is for general corporate purposes and replaces Ørsted’s existing, undrawn €1.4 billion syndicated revolving credit facility entered into in December 2015.
Ørsted Signs New €2 Billion Sustainability-Linked Revolving Credit Facility

To help drive the efforts to meet Ørsted’s ambitious sustainability targets, the facility’s interest margin will be adjusted (up or down) based on Ørsted’s ability to meet two pre-defined strategic sustainability targets on an annual basis.

The first target is Ørsted’s science-based target of reducing the carbon emissions from its energy generation and operations (scopes 1-2) to 10 g CO2e/kWh by 2025, which is the main lever for achieving carbon neutrality in 2025, and which is aligned with a 1.5 °C climate scenario.

The second target is Ørsted’s taxonomy-aligned green investments linked to its announced approx. DKK 350 billion investment program for 2020-2027, which constitute a significant step in achieving Ørsted’s strategic ambition of reaching approximately 50 GW of installed renewable capacity by 2030. To meet the associated reporting requirement, Ørsted will commence reporting according to the new EU taxonomy, which has been created for the purpose of supporting the green transition.

Marianne Wiinholt, CFO in Ørsted, says, “At Ørsted, we’re very committed to contributing to driving the green transition. We’ve been issuing senior bonds and hybrid capital in green format since 2017, and we now embrace the opportunity to take the natural step together with our banks to incorporate our green ambitions as sustainability-linked performance targets into our banking facilities.” 

Nordea has acted as sole Coordinating Mandated Lead Arranger and Bookrunner, Documentation Agent and Sustainability Coordinator of the facility, which is also supported by the following select group of banks committing as Mandated Lead Arrangers and Bookrunners: Bank of America, Barclays Bank PLC, BNP Paribas, Citibank N.A., Jersey Branch, Rabobank, Crédit Agricole Corporate and Investment Bank, Danske Bank, Deutsche Bank, Goldman Sachs, Handelsbanken, HSBC, J.P. Morgan AG, Morgan Stanley, MUFG, National Westminster Bank Plc, and SEB, and with Nordea also acting as Agent.


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