14 December 2023, Israel: Rivulis Pte. Ltd. (“Rivulis”) announced today that it has amended its existing US$250,000,000 committed credit facility, which was finalized in June 2022, to convert it into a sustainability-linked loan (SLL). The SLL process was led by HSBC and ING and includes participating banks: Leumi Bank (Israel), State of India and First International Bank of Israel.
Since its inception, Rivulis has maintained a steadfast focus on the conservation of scarce water resources, avoidance of land degradation and increased crop yields for growers, thereby being an enabler of sustainable agriculture. The SLL reflects the company’s ongoing commitment to sustainability and responsible business practices and includes key annual sustainability performance targets. The tangible targets relate to the reduction of the company’s carbon footprint and to the circularity of resources. They include the company’s Full Circle Sustainability program where Rivulis collects and recycles used drip lines and drip tapes from growers’ fields for use in its products. Additionally, Rivulis plans to use renewable energy to power its manufacturing plants where practical and during this year has already installed solar panels for its plants in Greece and Spain.
Eran Ezra, Rivulis CFO, explained: “The SLL stands as a testament to our commitment to driving meaningful change through our sustainability initiatives, by leading the mass adoption of micro irrigation, responsible business practices and creating a more sustainable future for everyone.”
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