Norway: SG Finans to support climate investment with EIB credit line

• NOK 1.73 billion (EUR 180 million) for small investments in Norway, 70% of financing earmarked for climate relevant projects with a focus on low-carbon transport modes.
• First transaction under project signed with Norgesbuss for the acquisition of 17 electric buses, giving major boost to sustainable transport and green transition in Norway.

The European Investment Bank and SG Finans, part of Societe Generale Equiment Finance, have signed a NOK 1.73 billion (EUR 180 million) credit line to support low-carbon transport modes and equipment leasing to small and medium-sized enterprises (SMEs), mid-caps and public and private sector entities in Norway. In view of the climate commitment of both entities, 70% of the loan will be earmarked to support investments in climate friendly transport projects.

“We finance projects right at the heart of the Scandinavian economy and are well positioned to advice and support our 50,000  clients in their transition to a greener future,” says Hans Einar Herzog, Deputy CEO at SG Finans. “Financing the shift to a low carbon economy is a momentous task and Societe Generale Group is committed to supporting its clients make the transformation to tomorrow’s world. We share the EIB’s objectives and are glad to include this important collaboration in our “sustainable & positive impact finance offering”, which brings together all our environmental and social expertise across our full range of investment and financing solutions.”

At a ceremony in Oslo, European Green Capital of 2019, this morning SG Finans signed the first transaction under this credit line with Norgesbuss AS. This company is committed to e-mobility and will finance the 17 electric buses it recently ordered through this financing agreement. These electric buses will come in the place of diesel-powered vehicles, thus positively impacting both the company’s carbon footprint, and the air quality in Oslo.

European Investment Bank Vice-President Andrew McDowell commented: “It’s a pleasure to see how EIB financing is helping Norgesbuss shift to low-carbon sustainable models of transportation. Our support for SMEs in this facility helps both the environment and the Norwegian economy.  The EIB, as the EU Bank, is happy to work alongside SG Finans in achieving our ambitious climate action targets. Projects such as this are important steps in getting us there.”