FAB grants green trade finance to wind turbine maker Senvion India

FAB grants green trade finance to wind turbine maker Senvion India

First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, has closed a multi-million-dollar green trade facility for Senvion India, one of the leading wind turbine manufacturers, in line with the bank’s efforts to promote its net-zero ambitions.

The environmental, social and governance (ESG)-compliant trade finance facility of FAB will allow Senvion to procure raw materials for manufacturing the wind turbine generators, and thereby, get closer to their net-zero ambitions and allow sourcing of clean energy.

Senvion India manufactures, assembles, installs, and markets a competitive range of technologically advanced wind turbine generators. Last year, it was acquired by Global Renewable Energy Development Holding Company Limited (GREDHCL), a dedicated investment vehicle of Alfanar group, a prominent Saudi business group involved in renewable energy development across India, the Middle East and Europe.

Martin Tricaud

Group Head

Investment Banking

FAB “In alignment with the wider FAB Group, our sustainable financing solutions through trade help underpin the bank’s commitment to support the United Nations’ Sustainable Development Goals and the UAE Net-Zero by 2050 Strategic Initiative, and further extend FAB’s leading profile as the first bank in the Middle East to join the Net Zero Banking Alliance.”

The deal demonstrates FAB’s ability to provide a multi-geography ESG solution within Saudi Arabia