Standard Chartered has announced that it has led a syndicate of banks in a €350 million uncommitted green trade finance facility for Polestar Performance AB, the Swedish electric performance car manufacturer.
The facility is a market-first syndicated green invoice finance facility. It will finance the import of electric vehicles (EVs) into Europe and North America, and will align with both the lenders’ and Polestar’s sustainability objectives to introduce more sustainable practices across their ecosystems.
Simon Cooper, CEO of Corporate, Commercial and Institutional Banking, and CEO of Europe and Americas at Standard Chartered, said: “We are delighted to have played a central role in delivering this facility alongside other leading global banks to support Polestar’s growth ambitions.
“This transaction is testament to our continued commitment to the sustainable business initiatives of our clients, and accelerates our journey towards net-zero emissions and building a green economy.”
In addition to its role as the structuring bank, Standard Chartered also acted as mandated lead arranger together with Nordea.
The syndicate of banks includes Nordea, ING, and Citi, and the lenders aim to support Polestar’s working capital needs with the trade finance facility.
Polestar develops technologies to mitigate the environmental impact of EVs, from vehicle concept through to materials and production techniques.
Polestar’s intention is to produce a carbon-neutral car by 2030, including through the development of new interior materials and structural components.