Financial institution Societe Generale on Tuesday became the first bank to join SEA/LNG coalition, a multi-sector industry group created to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel.
Societe Generale will bring an essential financial perspective to the group, says the chairman and executive vice president of SEA/LNG coalition.
“Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this
evolution,” says Peter Keller.
“We are therefore delighted to welcome them to our growing coalition and look forward to benefiting from their extensive knowledge and experience.”
Paul Taylor, Global Head of Shipping Finance, Societe Generale Corporate & Investment Banking, believes the use of LNG as a marine fuel to be gradually becoming a “global reality”.
“Societe Generale wants to play a key role in supporting the SEALNG coalition to realise its goal of making LNG a viable maritime fuel for 2020 and beyond,” he notes.
“This strategic membership will help develop a long-term financial framework which we hope will contribute to, and supplement, the work of other industry leaders in the LNG shipping value chain.”
Societe Generale in December 2017 supported the first transaction for the European Union’s recently instituted Green Shipping Guarantee programme which is designed both for general fleet renewal and the retrofitting of ships with sustainable technologies.
The bank acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider, and lender in a EUR 142.6 million French lease financing of Honfleur, the first LNG-powered ferry to be commissioned by Brittany Ferries.
Publication date: 10 January, 2018
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