Singapore developer Tiong Seng has secured S$125 million of green loans and performance-linked facilitates from OCBC and DBS, respectively.
OCBC and DBS provided around $51.4 million and $40.4 million, respectively, according to a regulatory filing.
The OCBC loan will be used exclusively on green projects with «clear environmental benefits» such as certified green buildings and projects that improve resource efficiency or generate renewable energy.
The DBS loan will include environmental performance-linked benefits including interest rate and performance bond commission discounts if certain predetermined targets are exceeded. Review and validation will be conducted by an external independent party at the end of each 1-year period.
Apart from diversifying our sources of funding, these facilities will allow us to focus on our environmental and green objectives to make a positive difference in our society, said Tiong Seng Holdings chief executive.
