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TMK raises its first green loan

TMK has signed an agreement with CREDIT BANK OF MOSCOW (MKB) for a green loan to be granted for a period of up to 36 months. The funds will be used to refinance the costs of the AQA Genesis environmental project at TMK’s Pervouralsk Pipe Plant (PNTZ).

The AQA Genesis water treatment facility was launched at PNTZ in September 2020 as part of a multi-stage project to upgrade the plant’s water use systems, and ensures a closed-loop recirculating water supply for pipe mills.

Igor Korytko, TMK CEO, said: “TMK is integrating sustainability into all of its investment programs. Environmental considerations are paramount in equipment upgrade projects, with recirculating water supply projects being one of our top priorities. At present, the share of recirculating water supply at the Company’s facilities is 96%, and we continue measures to further improve this figure. Raising a green loan to refinance the AQA Genesis project is yet another major step towards this.”

Oleg Borunov, Deputy Chairman of MKB’s Management Board, said: “MKB pays particular attention to the ESG agenda and sustainability financing. This is not the first time we have helped our clients implement their sustainability initiatives. In particular, we have assisted TMK in promoting the rational use of natural resources and reducing adverse impact on water bodies. This project is consistent with MKB’s internal taxonomy, and next year we intend to ramp up our partnership with TMK to expand our green loan portfolio and support other similar initiatives they might consider.”