Leading international law firm Clifford Chance has advised HSBC Middle East on a sustainability-linked loan of US$82 million (AED 300 million) to Aldar Properties (Aldar). The five-year financing agreement links the payable interest margin to Aldar’s ability to achieve sustainability targets. Aldar will use the loan for general corporate purposes, including the planned rollout of environmental, social and governance (ESG) initiatives in the group.
The Clifford Chance team was lead by partner Graham Brewer, who comments “We are delighted to have advised HSBC on this loan to Aldar. The loan is the first of it’s kind for Aldar and is indicative of a new appetite in the region for ESG-linked products which we regularly advise on”.
Graham was assisted by partner Nicola Reader (Abu Dhabi) and senior associate Andrew McAdam (Dubai).
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