Metito Holding Limited (MHL), a leading global provider of water and alternative energy management solutions, has secured $120 million as sustainability-linked loan (SLL).
HSBC Bank Middle East acted as the Coordinator, Initial Mandated Lead Arranger, and Bookrunner for the loan, which will further support Metito’s mission of developing sustainable water management solutions and a cleaner environment.
The transaction was also supported by Ahli Bank of Kuwait UAE ($40 million) and Commercial Bank of Dubai ($20 million).
As the Environmental Social and Governance (ESG) Coordinator, HSBC helped Metito in linking four ambitious Sustainability Performance Targets (SPT) that are fully aligned with the company’s vision and its sustainability agenda which aims at playing an active role in securing a smart and sustainable water ecosystem:
*Water Consumption Target: Increase the usage of recycled wastewater for district cooling plants in the UAE;
*Water Source Target: Reuse more recycled sewage water;
*Wastewater Treatment Target: Increase the capacity of treated wastewater in the coming years; and
*Social Sustainability Target: Achieve a lower lost time to injury frequency rate (LTIFR).
Other advisors include:
•Borrower’s Legal Advisor: Freshfields Bruckhaus Deringer LLP, UAE
•Lender’s Legal Advisor: Linklaters LLP, UAE
•Other joint local legal counsels: Babbe Legal-Guernsey, Sultan Abdullah & Partner-Qatar, Z & Co – KSA, Rizkana & Partners – Egypt.
Commenting on the transaction, Talal Ghandour, Metito Chief Investment Officer, said: “Metito is a pioneer in the water treatment industry, and we are proud to be supported by HSBC and the wider consortium through this sustainability-linked loan which we believe will strengthen our ability to grow across our target markets.”
“Metito’s vision to be the world’s leading provider of intelligent water management solutions across Emerging Markets is supported by the company’s three founding principles of Impact, Sustainability, Innovation, and this loan underscores one of our key attributes of providing sustainable infrastructure to our municipal and industrial clients. Metito prides itself on having direct and tangible impact on the governments, industries and communities that we serve, and we believe real ownership can only be achieved if sustainability is fully integrated into our business model,” added Ghandour.
