Neste publishes its Green Finance Report for 2022
Neste has today published its annual Green Finance Report for 2022. The Green Finance Report, which covers green financing activities in 2022, demonstrates our commitment to combating climate change and accelerating a shift towards a circular economy.
In June 2022, Neste increased its green debt portfolio to EUR 1 billion with a EUR 500 million 3-year green term loan, which includes optionality for two 1-year extensions. This loan further supports our strategy to grow in renewable and circular solutions – a key driver towards achieving our climate goals.
Accompanied with the unallocated portion of Neste’s EUR 500 million 7-year green bond issued in 2021, the proceeds of the green term loan have been fully allocated to investments in renewable products production capacity. The projects include:
- Singapore Expansion Project: Renewable products production capacity expansion project at the Singapore refinery.
- Rotterdam Expansion Project: Renewable products production capacity expansion project at the Rotterdam refinery.
- Martinez Renewable Fuels Project: a 50/50 joint operation with Marathon Petroleum to produce renewable diesel following a conversion project of Marathon’s refinery in Martinez, California.
“Neste has a wide portfolio of investments in renewable and circular solutions needed to reduce the global greenhouse gas emissions. Green funding in 2022 demonstrates the investor interest to support this transition by providing a strong financing platform for these projects,” says Katariina Perkkiö, Vice President and Group Treasurer, Neste.
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