Ultratech Cement Secures $500 M SLL

Posted on August 28, 2024 at October 20, 2024 by ESGNEWS Team

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UltraTech Cement has secured a $500 million SLL or sustainability-linked loan with six banks.

The SLL will support UltraTech’s sustainability and ESG goals, aiming to achieve carbon-neutral concrete by 2050.

UltraTech aims to reduce emissions and increase green energy use, aiming for 85% from waste heat recovery systems, solar, and wind power by FY30 and 100% by FY50.

The lenders for this transaction include SMBC, SBI, BNP Paribas, DBS, MUFG, and Mizuho. Sumitomo Mitsui Banking Corporation (SMBC) served as the sole sustainability coordinator and advisor for UltraTech’s Sustainability-Linked Financing Framework.

This marks the cement company’s second sustainability-linked financing since a $400 million bond issuance in 2021.

The company also acquired a 26% stake in O2 Renewable Energy to reduce energy costs.

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ESGNEWS Team

ESGNews.Earth is a platform dedicated to covering the latest developments in sustainability, ESG trends, green finance, EV, technology and corporate responsibility. With a focus on data-driven insights and solution-oriented journalism, ESGNews.Earth provides in-depth analysis of global sustainability efforts. It highlights innovative policies, emerging technologies, and influential leaders driving positive change. Committed to fostering awareness and action, the platform aims to inform businesses, investors, and policymakers.