Essar Energy Transition Fuels (EET), a leading UK company in decarbonisation, has agreed $650 million in receivable financing and trade credit facilities in this quarter of the financial year, a press release said.
The firm, known for its decarbonisation strategy, aims to reduce emissions by 95% by the end of the decade. The company’s key strategy include industrial carbon capture and use of blue hydrogen. For this, it has secured new receivable facility with ABN AMRO bank for $150 million, extending and upsizing HCOB and UMTB facility to $220 million for receivable financing, and a trade credit financing for $300 million with an international oil company.
Satish Vasooja, Chief Financial Officer at EET Fuels, said, “This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.”
Tarun Naruka, Head of Corporate and Structured Finance at EET Fuels, said, “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.”