UAE-based outfit will use funds to support execution of its fabrication work for the Seagreen offshore wind projectOffshore wind foundations fabricator Lamprell Energy has secured $48m via the first green trade finance facility in the Middle East, set up by HSBC. The bank has raised $48m for UAE-based Lamprell to support execution of its fabrication work on the 1075MW Seagreen offshore wind farm project off Scotland. HSBC regional head of commercial banking for the Middle East, North Africa and Turkey (MENAT), Daniel Howlett, said: “This transaction demonstrates the commercial viability of green finance in the Middle East for issuers beyond sovereigns, financial institutions and the largest multinational corporations. In June 2020, Lamprell became a subcontractor on the Seagreen offshore wind farm project in the North Sea, located near the Angus coastline in Scotland. Lamprell approached HSBC for project-specific trade financing in preparation for its role on the Seagreen project.

Source: The North Africa Journal January 26, 2021 09:11 UTC