Canadian energy company Brookfield Renewable Partners has secured a revolving credit facility with BNP Paribas, structured as a sustainability-linked loan.
The loan incorporates a pricing incentive whereby Brookfield Renewable Partners’ cost of debt declines as it continues to expand its renewable and clean electricity generating capacity and meets pre-determined CO2 emissions avoidance levels.
No details were given on the size of the loan.
Brookfield Renewable managing director Julian Deschatelets said: “BNP Paribas’s sustainability-linked loan aligns well with our goal of expanding our renewable power portfolio as we continue to play a leading role in the decarbonization of the global power generation grid.
“We also see this facility as a complement to issuances under our Green Bond framework.”
BNP Paribas Canada chief executive and principal officer Sonja Volpe said: “We are delighted to be helping Brookfield Renewable Partners, one of the world’s largest investors in renewable power, to build on its leadership position in renewables.
“The sustainability lending space has grown rapidly worldwide, and BNP Paribas is proud to be a leader in renewable energy financing, and Sustainable Finance more broadly.”