Essar Energy Transition secures $400 million to fund UK decarbonization
Essar Energy Transition (EET) just landed $400 million from three big banks to help fund its push for cleaner energy and boost energy security in the UK.
The money will support EET's day-to-day operations and strengthen its finances as it rolls out new decarbonization projects.
ABN AMRO NatWest Natixis provide $400m
This financing comes from an expanded deal with ABN AMRO, NatWest, and Natixis CIB: NatWest and ABN AMRO each pitched in $175 million, while Natixis added $50 million.
EET's CFO Satish Vasooja said this extra cash will keep things running smoothly even if markets get bumpy.
EET's Head of ABL Origination at NatWest Andrew Barraclough said, "The addition of NatWest to this facility reflects both the strength of Essar Energy Transition's business and the scale of its ambitions. As the company continues to invest in projects that support industrial decarbonisation, energy security and economic growth, this financing provides greater flexibility to deliver on those objectives and create long-term value."
The company's £4.3 billion pipeline of low-carbon projects is planned through 2035.