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ROSSETI Center and Volga Region

August 30, 2022

A company of the Rosseti Group was the first in the energy sector to attract green financing by signing an agreement with Sovcombank

A company of the Rosseti Group and Sovcombank entered into a cooperation agreement aimed at implementing the ESG agenda. The document provides for the attraction of a loan by the electric grid company, the interest rate of which is tied to the fulfillment of criteria in the field of sustainable development. This is the first financing in the energy sector issued as part of the implementation of ESG indicators and the disclosure of reporting on compliance with the ESG principles.

The companies of the Rosseti Group are consistently working to implement the principles of sustainable development. In 2021, we were the first in the Russian market to receive an ESG rating from the ACRA agency, and today we are the first in the energy sector to be able to attract ESG financing at a below-market rate. We will continue to work in this direction. We are convinced that this agreement will contribute to the development of the responsible financing market in Russia and the spread of ESG practices,” stressed Alexey Polinov, Acting Deputy Director General for Economics and Finance of PJSC Rosseti.
The Bank continues to develop an ESG-oriented business, following the adopted goals and commitments. We will adapt the pace of their implementation to the current conditions, but the relevance of projects aimed at the transition of the economy to low-carbon development has remained unchanged. The agreement with Rosseti is a confirmation of this,” explained Sergey Khotimsky, First Deputy Chairman of the Board of PJSC Sovcombank.
Sovcombank is a pioneer in sustainability and ESG in Russia. In 2000, the bank organized the first issues of green and social bonds, and also began issuing loans, the rates of which are tied to indicators of sustainable development (ESG-linked loans). At the end of 2021, Sovcombank launched a line of ESG deposits for corporate clients.
The document was signed by General Director of Rosseti Centre, PJSC - the managing organization of Rosseti Centre and Volga region, PJSC Igor Makovskiy and Deputy Chairman of the Board of Sovcombank Mikhail Avtukhov.

gor Makovskiy emphasized that “the provision of ESG financing is a confirmation of the company’s high performance in the field of sustainable development and green technologies. Receiving funding on favourable terms will reduce debt service costs and the tariff burden for our consumers”.

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