CDL Clinches $500m Green Loan for New Development Projects
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City Developments Limited (CDL) has secured its first green loans which amounted to $500 million, revealed the property developer in an SGX filing last Friday (5 April).
This comes after DBS Bank, the advisor for the green loan, provided a three-year loan of $400 million, while the Hongkong and Shanghai Banking Corporation Limited (HSBC), which is the loan’s structuring advisor, provided a two-year loan of $100 million.
The first multi-currency green loan secured by a Singapore firm, the loans allow CDL to finance new green development projects in Singapore and abroad.
“Green financing plays a pivotal role in channelling capital to build greener and more climate-friendly infrastructure,” said CDL Group CEO Sherman Kwek.
“CDL’s inaugural green bond in 2017 and our new green loans have enabled us to tap on investors and banks that are supportive of our sustainability best practices. With the global shift to a low carbon economy, CDL will continue to explore sustainable financing to develop more green buildings that not only bring economic savings but also benefit occupants and the environment.”
CDL revealed that the $100 million raised from its green bond in 2017 was used towards initiatives to enhance water and energy efficiency at Republic Plaza, which is the group’s flagship office building in Singapore’s central business district.
The group’s latest sustainability report revealed that CDL saved over $24 million due to energy-efficient initiatives and retrofitting implemented at eight of its office buildings from 2012 to 2018.