Pennon Group and subsidiary South West Water have signed new pioneering £80 million green finance deals with Societe Generale Corporate & Investment Banking in London and NatWest for Revolving Credit Facilities (RCF).
As part of its commitment to sustainable finance, Pennon has signed new credit arrangements with both Societe Generale and NatWest while South West Water has entered into an additional green RCF with NatWest. The facilities represent £30 million for Pennon Group and £20 million for South West Water. In addition, South West Water has also signed a £30m green RCF with NatWest.
The facilities are among the first of their kind in the UK and will support Pennon’s key Environmental and Social Governance (ESG) priorities for the future.
The new facilities represent an important milestone as Pennon seeks to incorporate environmental and social values into its wider banking facilities as part of its recently-launched Sustainable Financing Framework.
This is the first credit facility of its kind with a margin directly dependant on the company’s sustainability rating. Pennon and South West Water are helping to lead the way for sustainability by bringing sustainable principles into its core banking facilities.
As an environmental utility infrastructure company at the top end of the FTSE 250 the Group has made strong commitments to address economic, social and environmental challenges.
Susan Davy, Chief Finance Officer, Pennon Group said:
“The recent launch of our Sustainable Finance Framework formally recognises our commitment to investments which bring significant environmental and social benefits across a range of areas and we are delighted to be entering into arrangements that support this approach.
“The new GBP Bilateral Impact Loan Revolving Credit Facilities will support our ambition to achieve sector-leading sustainability performance and an enhanced environmental and social governance (ESG) score. This includes through the investments we are making in improvements to bathing water quality - over and above our Business Plan commitments – given its critical importance to the environment and economy of the South West Water region.”
Sadia Ricke, Societe Generale’s Chief Country Officer (UK) commented:
“We continue to develop our finance offering that integrates environmental and social values so that we can fully support our clients who are committed to a long-term ESG strategy. This transaction fits with our own objectives to be a leading player in terms of Corporate and Social Responsibility.”
Peter Dooley, Head of UK Energy and Utilities for NatWest, added:
“We have worked with South West Water for a number of years and are delighted to have been able to support them with this revolving credit facility.
“NatWest is committed to becoming a more sustainable bank and supporting the UK’s ambition to become a low carbon economy is an important part of this.”
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