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					</table><p>Singapore-based multinational banking and financial services corporation <a href="https://www.dbs.com/" target="_blank" rel="noopener">DBS Bank</a> has ceased financing new coal mining or thermal coal power assets.</p>
<p>DBS said in its Sustainability Report 2024 that it will also stop funding existing clients who derive 50% of their revenue from thermal coal by January 2026.</p>
<p>The initiative is part of the company’s zero thermal exposure commitment to refuse loan disbursal for coal mining and thermal coal power generation.</p>
<p>DBS has also stopped onboarding clients who derive 25% of their revenue from thermal coal.</p>
<p>The company reduced its thermal coal-related power and mining project exposure to SGD1.3 billion (~$975,920) in December 2024 from SGD1.8 billion (~$1.35 million) in 2023, SGD2.2 billion (~$1.65 billion) in 2022, and SGD2.7 billion (~$2.02 billion) in 2021.</p>
<p>The company currently focuses on battery energy storage system projects, hybrid projects, and smart grid technologies, including advanced metering systems.</p>
<p>DBS has funded several significant round-the-clock and hybrid power projects to help ensure a stable renewable energy supply in India and other markets.</p>
<p>In 2024, the company powered five new office buildings and branches with green energy, bringing the total to seven locations in India.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-77353 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1.png" alt="" width="892" height="261" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1.png 892w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1-300x88.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1-768x225.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1-650x190.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1-624x183.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-1-600x176.png 600w" sizes="(max-width: 892px) 100vw, 892px" /></a></p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-77354 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2.png" alt="" width="873" height="127" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2.png 873w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2-300x44.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2-768x112.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2-650x95.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2-624x91.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/DBS-2-600x87.png 600w" sizes="(max-width: 873px) 100vw, 873px" /></a></p>
<p>In 2024, DBS facilitated SGD 38 billion sustainable bond issuances as an active bookrunner, up from SGD 18 billion in the previous year.</p>
<p>DBS said it targets transitioning its steel portfolio, particularly steel manufacturers and dedicated trading arms, towards net zero by achieving its 2030 interim and longer-term 2050 targets of reducing emissions against its 2020 baseline of 27% and 93%, respectively.</p>
<p>DBS plans to spend an estimated $9 billion annually or $290 billion by 2050 to support this transition.</p>
<p>The company’s Singapore DBS Asia Hub focuses on reducing energy consumption and enhancing operational efficiency. As a result, the company plans to save over SGD200,000 (~$150,142) per year in energy costs.</p>
<p>In 2024, Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks, including DBS Bank.</p>
<p>DBS Bank was among the five banks that <a href="https://www.mercomindia.com/green-loan-reliance-rec-acquisition" target="_blank" rel="noopener">loaned</a> $736 million to fund Reliance’s acquisition of Norway-headquartered solar cells, modules, and polysilicon manufacturer REC Solar Holdings.</p>


DBS Targets Zero Exposure to Thermal Coal Power Projects


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					</table><p>Adani Green Energy (<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">AGEL</a>) has secured a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks.</p>
<p>The consortium will provide financing for projects that will come online by November this year.</p>
<p>The 500 MW project being developed in Rajasthan has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>). The second project, with a capacity of 250 MW, is a standalone merchant power project implemented at Gujarat’s Khavda renewable energy cluster.</p>
<p>The construction facility, backed by international lenders such as <a href="https://www.rabobank.com/" target="_blank" rel="noopener">Cooperative Rabobank</a>, <a href="https://www.dbs.com/" target="_blank" rel="noopener">DBS Bank</a>, <a href="https://group.intesasanpaolo.com/" target="_blank" rel="noopener">Intesa Sanpaolo</a>, <a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG Bank</a><u>,</u> and Sumitomo Mitsui Banking Corporation (<a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">SMBC</a>), offers a syndicated guarantee-backed assurance program. This further aligns with the company’s procurement strategy, enabling a sustainable debt structure to finance merchant exposure.</p>
<p>AGEL said the green loan marks a milestone for the Indian renewable energy sector as it steers the industry’s transition to the next phase of market integration, with the commitment to deliver low-cost green electrons through the promotion of merchant market projects with the right financing structure.</p>
<p>Second-party opinion provider <a href="https://www.sustainablefitch.com/" target="_blank" rel="noopener">Sustainable Fitch</a> highlighted the robustness of the 750 MW Solar Projects Green Loan Framework and alignment with four vital components of the Green Loan principles of 2023. The company claimed this assessment favors AGEL’s commitment to green energy solutions and accelerates India’s decarbonization goals.</p>
<p>Along with traditional PPAs, AGEL is diversifying its revenue streams to enhance project revenue and position itself favorably in the market for value creation, the company said.</p>
<p>AGEL holds an operational clean energy portfolio with a cumulative capacity of 10,934 MW. This includes 7,393 MW of solar, 1,401 MW of wind, and 2,140 MW capacity of wind-solar hybrid projects.</p>
<p>As part of its construction financing framework, AGEL <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">secured</a> a follow-on funding of a $1.3 billion senior debt facility last December.</p>
<p>In the third quarter of 2023, the company <a href="https://www.mercomindia.com/adani-green-q3-revenue-up" target="_blank" rel="noopener">generated</a> a revenue of $212.2 billion, driven by the addition of 1,154 MW capacity in the same year.</p>
<p>According to Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2024 Solar Funding and M&amp;A Report</a>, the solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023.</p>


Adani Green Secures $400 Million for 750 MW Solar Projects in Rajasthan and Gujarat

<p>Singapore-based renewable energy company <a href="https://www.sembcorp.com/en/" target="_blank" rel="noopener">Sembcorp Industries </a>has raised S$675 million (~$496.1 million) by launching a sustainability-linked bond (SLB) in Singapore.</p>
<p>The company’s wholly-owned subsidiary, Sembcorp Financial Services, priced its inaugural bond. International Finance Corporation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>) anchored the bond issuance with an investment of $150 million.</p>
<p>The bonds will have a tenor of ten-and-a-half years and a coupon rate of 2.66%. The bond’s interest rate will have a step-up margin of 0.25% from the first interest payment date or after April 1, 2026, if greenhouse gas emission reduction to 0.40 tons of carbon dioxide equivalent per MW or lower is not achieved by the end of 2025.</p>
<p>The net proceeds will be utilized to finance general corporate working capital requirements for the company and its subsidiaries, refinancing the group’s existing debt and/or financing or refinancing its renewable energy or other sustainable projects.</p>
<p>The bond issuance aligns with its newly established Sembcorp Sustainable Financing Framework. The framework outlines its strategic approach, key performance indicators, and sustainability performance targets for its sustainability-linked transactions.</p>
<p>Sembcorp has over 3.3 GW of renewable energy capacity, including solar, wind, and energy storage solutions in Singapore, China, India, Vietnam, and the United Kingdom. It aims to quadruple its installed renewable capacity to 10 GW by 2025 from 2.6 GW in 2020.</p>
<p>The investment from IFC aligns with the World Bank Group’s Climate Change Action Plan. Under this plan, IFC has committed to aligning all new real sector operations with the objectives of the Paris Agreement by July 1, 2025. It has also set a target of 35% financing for climate on average over the next five years.</p>
<p>For the issuance and the offering of sustainability-linked bonds, <a href="https://www.dbs.com/in/index/default.page" target="_blank" rel="noopener">DBS Bank</a> and <a href="https://www.dbs.com/in/index/default.page" target="_blank" rel="noopener">United Overseas Bank</a> acted as joint lead managers and bookrunners.</p>
<p>Wong Kim Yin, Group President and Chief Executive Officer of Sembcorp Industries, said, “We are fully committed to transforming our portfolio from brown to green. The issuance of our inaugural sustainability-linked bonds underscores this commitment. We are heartened that IFC has chosen our insurance to be its first investment in SLB globally. Their support validates our strategy and spurs us on in our drive towards supporting the global energy transition and a low-carbon economy.”</p>
<p>Alfonso Garcia Mora, IFC Vice President for Asia and the Pacific, said, “Sustainable growth, decarbonization, and energy security are key themes for both developed and emerging markets globally, but they should not be seen as mutually exclusive. With the success of this bond issuance, investors have made their position on the climate crisis very clear and continuing to shift capital to align their portfolios with net-zero targets.”</p>
<p>In June 2021, Sembcorp Industries <a href="https://mercomindia.com/daily-news-wrap-up-sembcorp/" target="_blank" rel="noopener">announced</a> the successful pricing of its inaugural S$400 million (~$301.9 million) green bond offering<strong> </strong>to support its growing renewables portfolio.</p>
<p>Mercom had earlier <a href="https://mercomindia.com/dbs-bank-loan-floating-solar-project/" target="_blank" rel="noopener">reported</a> that DBS Bank provided a S$40 million (~$29.29 million) loan to Sembcorp Industries to build one of the world’s largest floating solar projects on the Tengeh Reservoir in Tuas, Singapore.</p>


Sembcorp Industries Raises $496 Million Through Sustainability-Linked Bonds

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