Allen & Overy advises Port of Melbourne on its first Sustainability-Linked Loan
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This innovative financing arrangement reflects PoM’s commitment to reducing emissions across its complex and interconnected supply chains. The loan includes as a central feature the concept of a “gateway indicator” focused on indirect emissions.
Partner William Kim, who led the A&O team on the deal, commented: “Port of Melbourne is a long-standing and valued client of the firm, we congratulate them on their ambitious and novel SLL regime. We are proud to have supported PoM to secure their new SLL by designing a sustainability-linked margin adjustment regime that aligns with their strategic goals.”
Chief Executive Officer Saul Cannon said the deal reflected PoM’s goal of working with stakeholders to build a sustainable port for the benefit of the Victorian economy and liveability of Melbourne. “As Australia’s largest general cargo and container port, we are committed to facilitating the decarbonisation of the port’s supply chain, minimising the port’s impact on our land, air and waters and building strong stakeholder relationships. Linking an element of our financing structure to sustainability embeds our people, our environment and our stakeholders into what we do now and in the future.”
The A&O team was led by partners William Kim, Minesh Patel and senior associate Shirley Wong, supported by associate Sichen Xi and graduate Zachary Oakes, with partner Ka Sen Wong assisting on tax-related matters.