First EU Taxonomy-aligned Green Loan in the European cloud sector for OVH Cloud
We are proud to support OVH cloud as sole ESG Structuring Advisor in taking out the first EU Taxonomy-aligned Green Loan for the European Cloud sector.
OVHcloud successfully becomes the first European cloud player to take out an EU Taxonomy-aligned Green Loan complying with:
• all the Substantial Contribution to climate change mitigation criteria in the category of Data processing, hosting, and related activities,
• the Do No Significant Harm (DNSH) principles
• and the Minimum Social Safeguards.
The EU Taxonomy is a key element of the European Commission’s action plan aimed at redirecting capital flows towards a more sustainable economy. It represents an important step towards achieving carbon neutrality by 2050, as the Taxonomy is a classification system for environmentally sustainable economic activities. Activities are recognized as sustainable if they:
• substantially contribute to one of the six EU Taxonomy's environmental objectives,
• but also do no significant harm (DNSH) to any of the other five objectives
• and meet minimum social standards.
OVHcloud, a global player and the European leader in cloud solutions, completed a €1.15 billion multi-refinancing, marked by the success of its inaugural bond issue for €500 million, the implementation of its EU Taxonomy-aligned Green Loan for €450 million and a multi-purpose Revolving Credit Facility for €200 million.
OVHcloud has also included a “rendez-vous clause” in the documentation for the €200 million multi-purpose Revolving Credit Facility, with the objective of potentially turning this facility into a "Sustainability-linked Loan" that includes ESG criteria to be defined and agreed with the lenders.
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