MERCATUS SECURES ITS FIRST S$300M GREEN LOAN FROM OCBC BANK UNDER ITS NEWLY LAUNCHED SUSTAINABLE FINANCE FRAMEWORK
29 May 2020, Singapore
Mercatus Co-operative Limited (“Mercatus”) is pleased to announce that it has secured a S$300m green loan from OCBC Bank to refinance an existing loan relating to one of its green building, Jurong Point. This marks Mercatus’ first green financing under its newly launched Sustainable Finance Framework and demonstrates our commitment towards supporting green and more inclusive developments in Singapore. All Mercatus’ commercial properties have attained the BCA Green Mark certification. Jurong Point achieved BCA Green Mark Platinum rating in January this year.
Mercatus’ Sustainable Finance Framework (the “Framework”) is guided by the Green Loan Principles (2018) and Sustainability Bond Guidelines 2018 by the Loan Market Association and the International Capital Market Association respectively. Mercatus has identified several Sustainable Development Goals (“SDGs”) that are aligned to its sustainability strategy, including green buildings and leases, improving energy and water efficiencies, waste management, gender equality, health and safety, partnerships with governments and community support. The Framework is designed to support Mercatus’ contribution to the achievement of these SDGs, and provide the criteria and guidelines to pave the way forward for Mercatus to enter into future green or sustainable finance transactions.
Mercatus is the first co-operative to enter into a green finance transaction in Singapore, with OCBC Bank acting as Sole Lender for this $300m green loan and Green Financing Advisor in setting up the Framework.
Ms Elaine Lam, Head, Global Corporate Banking, OCBC Bank, “We are pleased to support Mercatus’ maiden green loan which has added significance, given that it is also the first sustainable finance transaction for a co-operative in Singapore. As an organisation which is committed to supporting the sustainable development of Singapore, sustainable finance is a natural fit for Mercatus and the green movement will undoubtedly benefit from their leadership.”