Stockholm (NordSIP) – The European Investment Bank (EIB) and SG Finans, a division of Societe Generale, have signed a NOK 1.73 billion credit line to support low-carbon transport modes and equipment leasing to SMEs, mid-cap companies and public and private sector entities in Norway, EIB and SG Finans revealed at a ceremony in Oslo at the end of September.
“We finance projects right at the heart of the Scandinavian economy and are well positioned to advise and support our 50,000 clients in their transition to a greener future,” said Hans Einar Herzog, Deputy CEO at SG Finans.
“Financing the shift to a low carbon economy is a momentous task and Societe Generale Group is committed to supporting its clients make the transformation to tomorrow’s world. We share the EIB’s objectives and are glad to include this important collaboration in our ‘sustainable & positive impact finance offering’, which brings together all our environmental and social expertise across our full range of investment and financing solutions.”
70% of the loan will be earmarked to support investments in climate friendly transport projects. SG Finans has already signed the first transaction under the credit line with Norgesbuss AS, a company committed to e-mobility that will finance 17 electric buses recently ordered under the agreement. These will take the place of diesel-powered vehicles, reducing the company’s carbon footprint and improving air quality in Oslo.
“It is a pleasure to see how EIB financing is helping Norgebuss shift to low-carbon sustainable models of transportation,” said EIB Vice President Andrew McDowell. “Our support for SMEs in this facility helps both the environment and the Norwegian economy. The EIB, as the EU Bank, is happy to work alongside SG Finans in achieving our ambitious climate action targets.”
“Projects such as this are important steps in getting us there,” McDowell added.