Sembcorp Marine has secured a SGD 500m ($375m) sustainability-linked financing facility as part of its strategy to focus on greener energy solutions.

The facility, secured from Singapore’s largest bank DBS, is believed to be the first Singapore Overnight Rate Average (SORA) based sustainability-linked loan for the maritime industry.

The loan’s interest rate comprises two components: a compounded daily SORA rate calculated in arrears, and an applicable margin.