DBS Bank has extended a transition loan facility to Shree Renuka Sugars for replacing fossil fuel usage by scaling bioethanol production.
“Shree Renuka Sugars Ltd (SRSL), a subsidiary of Wilmar International Ltd, Singapore and one of the largest sugar and green-energy (ethanol and renewable power) producers in India, has obtained a five-year ₹175 crore transition finance facility from DBS,” the bank said in a statement.
The proceeds will be used to finance the expansion of SRSL’s sustainable bioethanol business in India, it said, adding that this is believed to be the first transition loan provided by a foreign bank to India’s biofuel manufacturing industry.
The transition loan provided to SRSL is in line with DBS’ broader efforts to provide sustainable financing to corporates supporting their transformations towards a lower carbon future.