{"id":81654,"date":"2024-01-09T00:00:00","date_gmt":"2024-01-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/01\/09\/bahrain-steel-secures-usd-450-mn-green-loan-to-build-worlds-largest-solar-powered-stockyard-shed\/"},"modified":"2024-01-09T00:00:00","modified_gmt":"2024-01-09T00:00:00","slug":"bahrain-steel-secures-usd-450-mn-green-loan-to-build-worlds-largest-solar-powered-stockyard-shed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/01\/09\/bahrain-steel-secures-usd-450-mn-green-loan-to-build-worlds-largest-solar-powered-stockyard-shed\/","title":{"rendered":"Bahrain Steel secures USD 450 mn green loan to build world\u2019s largest solar-powered stockyard shed"},"content":{"rendered":"

<\/strong>Bahrain Steel secures USD 450 mn green loan: <\/strong>Iron ore pellet producer Bahrain Steel has secured a USD 450 mn ESG-linked credit line from a consortium of banks \u2014 coordinated by UAE\u2019s Mashreq Bank \u2014 to develop what it says will be the the world\u2019s largest solar-powered stockyard shed in Bahrain, the company said<\/a>. Bahrain Steel did not disclose information on the stockyard shed\u2019s targeted capacity or the project\u2019s timeline.<\/p>\n

The loan will be used to implement other sustainable practices:<\/strong> Aside from the solar project, the loan will be used to meet the company\u2019s working capital requirements, and will be tracked against a set of relevant key performance indicators and sustainable performance targets throughout the period, Zawya<\/a> notes. The company says the loan\u2019s framework incentivises it to go beyond mandatory corporate greenhouse gas emission reduction targets, financing the company\u2019s transition toward lower carbon operations. <\/p>\n

Partners: <\/strong>While Mashreq served as the facility and sustainability coordinator on the loan, Bank ABC acted as the facility and security agent and account bank, and Ahli United Bank served as the Murabaha<\/a> investment agent. Bank ABC, Emirates NBD, and Mashreq acted as mandated lead arrangers, while Arab Bank, Ahli United Bank, Gulf Bank, Kuwait Finance House, and Khaleeji Bank served as joint lead arrangers.<\/p>\n

REMEMBER- Bahrain Steel has been ramping up decarbonization investments: <\/strong>The company said last month<\/a> it was launching three projects worth USD 250 mn to expand its local operations in the kingdom, including developing a solar energy plant to power its factories. The company is also teaming up with Essar Group to supply the latter\u2019s USD 4.5 bn<\/a> green steel project in Saudi Arabia with 4 mn tons of iron ore pellets annually, and is also partnering<\/a> with Bahrain's Electricity and Water Authority on a 100 MW solar plant in the kingdom.<\/p>\n","protected":false},"excerpt":{"rendered":"

The seven year-loan will help the company build the world\u2019s largest stockyard shed, and performance will be tracked against sustainable performance targets<\/p>\n","protected":false},"author":1,"featured_media":81655,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[82,83,11,42],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-bahrain","tag-debt-watch","tag-enterpriseclimate","tag-solar-energy","wpautop","entry"],"acf":{"mongo_id":"f996fe3e-e0e9-41af-9666-bbf905aed735","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1971.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bahrain Steel secures USD 450 mn green loan to build world\u2019s largest solar-powered stockyard shed with solar panels","related_issue":[81646],"teaser":"The seven year-loan will help the company build the world\u2019s largest stockyard shed, and performance will be tracked against sustainable performance targets","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.70ed97b8-3beb-43c3-b8af-efcff0ab3e4a.mp3"},"yoast_head":"\nBahrain Steel secures USD 450 mn green loan to build world\u2019s largest solar-powered stockyard shed - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2024\/01\/09\/bahrain-steel-secures-usd-450-mn-green-loan-to-build-worlds-largest-solar-powered-stockyard-shed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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