Swiss Re Corporate Solutions has entered into a partnership with renewable energy financier NORD/LB on a $500 million ESG co-investment programme to enable more investment into renewable energy projects.
The programme is ESG-certified by Sustainalytics and uses pre-agreed eligibility criteria to allow more efficient deployment of capacity to renewable energy projects.
The partnership combines Swiss Re Corporate Solutions’ expertise in credit risk-management solutions for banks with NORD/LB’s origination capabilities in the field of renewable energy finance.
NORD/LB will arrange the financing, while Swiss Re Corporate Solutions insures a portion of NORD/LB’s credit risk on eligible loans.
Both parties will regularly communicate the quantitative impact of the co-investment programme – such as installed green generation capacity and the number of homes powered by renewable energy projects covered in the programme.
“To mitigate climate risk, we must continue to scale-up renewable energy capacity at speed,” said Brad Seefeldt, Director, Project & Infrastructure Finance at Swiss Re Corporate Solutions, based in Singapore.
Expanding our relationship with NORD/LB through this co-investment programme will facilitate an increase in capital deployed to green projects, helping move us towards a net-zero future.”
Matthieu Le Bret, Managing Director and Head of Asset Distribution, APAC at NORD/LB, also commented: “The programme further reinforces NORD/LB’s long-term investor-focused approach with this new, exciting partnership.”
“With this milestone, we have one very efficient additional tool to increase our impact to clients and projects sponsors alike, allowing us to play a larger role in the transition to green energy. It is also a great pleasure to see our long-standing relationship with Swiss Re Corporate Solutions further develop in such a positive way.”
Swiss Re Group has committed to net-zero carbon emissions by 2030 in its own operations, and by 2050 in its underwriting and investment portfolios.
