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Societe Generale first financial group to sign on with SEALNG

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Societe Generale became the first financial institution to join SEA\LNG, the multi-sector industry coalition that aims to accelerate the widespread adoption of liquefied natural gas as a marine fuel.

'As the 0.5% global sulphur cap from January 2020 edges ever closer, the case for LNG as a marine fuel continues to gather momentum,' Peter Keller, SEA\LNG chairman and EVP, Tote, said. 'Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this evolution.'

'In line with our wider environmental commitment to promoting greener solutions, Societe Generale recognises the benefits of LNG in lowering local pollution and greenhouse gas emissions, when compared with traditional marine fuels,' said Paul Taylor, global head of shipping finance, Societe Generale Corporate & Investment Banking.

He added: 'Societe Generale wants to play a key role in supporting the SEA\LNG coalition to realise its goal of making LNG a viable maritime fuel for 2020 and beyond. This strategic membership will help develop a long-term financial framework which we hope will contribute to, and supplement, the work of other industry leaders in the LNG shipping value chain.'

Societe Generale’s commitment to financing alternative solutions is demonstrated by its pioneering involvement in the first transaction for the European Union’s recently instituted Green Shipping Guarantee programme.

Societe Generale acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider and lender in a €142.6m French lease financing of Honfleur, the first LNG-powered ferry to be commissioned by Brittany Ferries, with a funded guarantee from the European Investment Bank.

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