Metito secures $120 million sustainability-linked loan
Metito Holding Limited (MHL), a leading global provider of alternative energy and water management solutions, has secured $120 million in the form of a Sustainability Linked Loan (SLL).
HSBC Bank Middle East acted as coordinator, initial mandated lead arranger and bookrunner for the loan, which will further support Metito’s mission to develop sustainable water management solutions and a cleaner environment.
The transaction was also backed by Ahli Bank of Kuwait UAE ($40 million) and Commercial Bank of Dubai ($20 million).
As Environmental, Social and Governance (ESG) Coordinator, HSBC helped Metito link four ambitious Sustainable Development Performance (SPT) goals that are fully aligned with the company’s vision and its sustainability program which aims to play an active role in securing smart and sustainable water management. ecosystem :
*Water consumption target: increase the use of recycled wastewater for district cooling plants in the UAE;
*Target related to water source: reuse more recycled wastewater;
*Wastewater treatment target: increase wastewater treatment capacity in the coming years; and
*Social Sustainability Goal: Achieve a lower Lost Time Injury Frequency Rate (LTIFR).
Other advisors include:
• Borrower Legal Advisor: Freshfields Bruckhaus Deringer LLP, UAE
• Legal adviser to the lender: Linklaters LLP, UAE
• Other joint local legal advisers: Babbe Legal-Guernsey, Sultan Abdullah & Partner-Qatar, Z & Co – Saudi Arabia, Rizkana & Partners – Egypt.
Commenting on the transaction, Talal Ghandour, Chief Investment Officer of Metito, said: “Metito is a pioneer in the water treatment industry, and we are proud to be supported by HSBC and the wider consortium through this sustainability-linked loan which we believe will strengthen our ability to grow in our target markets.
“Metito’s vision to be the world’s leading provider of smart water management solutions in emerging markets is underpinned by the company’s three founding principles of impact, sustainability and innovation, and this loan underscores one of our key attributes of providing sustainable infrastructure for our municipalities and industries. clients. Metito is proud to have a direct and tangible impact on the governments, industries and communities we serve, and we believe that true ownership can only be achieved if sustainability is fully integrated into our business model,” said added Ghandour. — TradeArabia Press Service