Robin_Balmer

APICORP signs a USD75m Islamic facility for Voluntary Carbon Offsets 

The Arab Petroleum Investments Corporation (“APICORP”), an energy-focused multilateral development financial institution, has signed a USD75 million Murabaha agreement in favour of Hartree Partners Power & Gas Company (UK), an affiliate of global energy and commodities firm Hartree Partners LP. 

The facility will fund high quality voluntary carbon offsets, in support of the global energy transition and net zero emission goal. Each carbon offset represents the ownership of one ton of carbon dioxide equivalent (CO2e), which offsets corresponding emissions by the holder. The facility is designed with a syndication feature to allow additional banks to join in the future and gain access to this young asset class. 

Voluntary carbon markets, where carbon credits are purchased voluntarily, support efforts by many governments and corporations to decarbonize their footprints, as part of global efforts to reduce emissions. APICORP’s facility will fund carbon offsets that are registered with the non-profit platform Verra, the largest global registry for nature-based offsets. 

A cross-border team from Norton Rose Fulbright advises APICORP on the transaction. The Dubai team was led by partner Robin Balmer (pictured) and further included partner Catherine Hagerty in San Francisco, associate Amnah AlYousif and paralegal Jordan Fry in Dubai. 

APICORP signs a USD75m Islamic facility for Voluntary Carbon Offsets 

suzan.taha@lcpublishinggroup.it

legalcommunitymena.com

Launched in 2022 by LC Publishing Group S.p.A., it is the first digital portal addressed to the Middle East North Africa market.

In terms of contents, the website focuses on both law firms and in-house legal departments, covering the latest news and rumors on deals and operations (and the related advisors) as well as on lateral hires, moves and new appointmens and providing insights, analytical data and opinions on the professions’ main trends and topics (AI, innovation, etc.).

For further information, please visit the Group’s website www.lcpublishinggroup.com

Legalcommunity MENA
LC Publishing Group S.p.A. – Via Tolstoi 10 – 20146 Milano – Tel. 0236727659 – C.F./P.IVA 07619210961
REA 1971432 Registro delle Imprese di Milano – Cap. Soc. Euro 50.000,00 i.v.

Copyright 2023 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram