Key finance institution joins SEA/LNG coalition
Industry coalition SEA/LNG has seen its first finance institution join bringing a core financial perspective to the group.
Societe Generale joining a growing band of industry leaders from across the LNG value chain, which aims to which aims to accelerate the uptake of LNG as a marine fuel.
“Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this evolution,” said Peter Keller, SEA\LNG chairman and executive vice president, Tote.
Societe Generale’s commitment to financing alternative solutions – which support the development of green maritime transport was demonstrated recently with its pioneering involvement in the first transaction for the European Union’s recently instituted Green Shipping Guarantee programme.
Societe Generale acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider and lender in a $142.6 million French lease financing of Honfleur, the first LNG-powered ferry to be commissioned by Brittany Ferries, with a funded guarantee from the European Investment Bank.
“Societe Generale wants to play a key role in supporting the SEA\LNG coalition to realise its goal of making LNG a viable maritime fuel for 2020 and beyond,” said Paul Taylor, Global Head of Shipping Finance, Societe Generale Corporate & Investment Banking.
“This strategic membership will help develop a long-term financial framework which we hope will contribute to, and supplement, the work of other industry leaders in the LNG shipping value chain.”
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