DLA Piper has advised Societe Generale on a USD 125 million loan to Polymetal, a gold and silver producer with assets in Russia and Kazakhstan, to finance investments in the transition to a sustainable and low-emissions economy. This is the first green loan in the Russian mining sector.
According to DLA Piper, “Societe Generale will provide a six-year loan with a three-year grace period under Polymetal’s Green Financing Framework, which specifies eligible environmental, social, and governance projects and criteria for their long-term funding. The loan can be extended to seven years on the first anniversary of the signing. The loan proceeds will be allocated to projects among the following categories within 24 months from the first utilization: clean transportation, renewable energy, energy efficiency, and sustainable waste, and water management projects.”
DLA Piper’s Moscow-based team was led by Partner Karen Young and included Legal Director Alexei Kolesnikov and Associates Ksenia Mikhaylova and Daria Vasilieva.
DLA Piper did not reply to our inquiry on the matter.