Green Plains Inc. has completed a five-year, $350 million (€313 million) senior secured sustainability-linked revolving credit facility.
The provider of sustainable high-protein and novel feed ingredients, and low-carbon, closed-loop biofuels, made the announcement in March.
The financing, led by ING Capital LLC, will support continued innovation across their biorefinery production platform allowing for the continued expansion of the sustainable ingredients they produce.
This is Green Plains’ first sustainability-linked financing, and will also help the company achieve their goal of maturing their capital structure, which will in turn allow for increased transparency of their focus on ESG.
As a biorefining company focused on processing annually renewable crops into sustainable value-added ingredients, Green Plains has set out a range of environmental targets focused on reducing emissions and improving air quality, reducing energy use, and reducing water and effluents.
These targets are innovative for the industry and illustrate Green Plains’ modern approach to sustainability through the deployment of innovative technologies and products.
“This innovative financing supports the continued evolution of our capital structure, combining pre-existing facilities into one sustainability-linked credit facility that optimises capital efficiency while creating a tangible connection between financial practices and our sustainability goals,” said Patrick Simpkins, chief financial officer of Green Plains.
“The new structure streamlines working capital financing and cash flows while providing additional flexibility to support growth.”
“With its first sustainability-linked financing, Green Plains is leading its industry toward a greater focus on the environment and health and safety practices,” said Ana Carolina Oliveira, head of sustainable finance, Americas, ING. “This financing demonstrates Green Plains’ dedication and commitment to its sustainability targets as well as to efficiently managing its working capital.”
Popular News Stories
LATEST VIDEOSLead the way beyond fossils with advanced biofuels by UPM Biofuels
BDI's statement against ReFuelEU