Singapore-based PSA Marine Pte has been granted a three-year €30M (US$35M) sustainability-linked loan from DBS Bank
The facility is PSA Marine’s first sustainability-linked loan and is the first of its kind granted to a company in Singapore’s maritime industry.
The loan has an interest rate adjustment linked to an ESG target. This requires a fleet of PSA Marine’s crew transfer vessels (CTVs) to be deployed to support offshore wind energy-related activity.
PSA Marine’s subsidiary, Ventus Marine Limited, operates a fleet of 10 CTVs to service the offshore wind market in Europe. It partners Njord Offshore provide crew transfer services in the offshore wind market in Europe.
PSA Marine managing director Peter Chew said, “We have grown our business in the renewable energy sector since 2015 as part of our commitment to move towards sustainable energy.
“We are proud to play a part in supporting the offshore wind industry and will continue to partner with financial institutions and other organisations to explore new opportunities in this space.”
PSA Marine vice-president of Singapore and head of corporate services Er Wei Lim said, “The investment made in support of the offshore wind market through the sustainability-linked loan reaffirms PSA Marine’s commitment to support a cleaner and greener future. It creates a win-win outcome for our stakeholders as well as the environment.”