RAPID: Putting G for gravy train and E for empty into ESG
The $15.3 billion RAPID project in Malaysia is nearing completion and financial close on $9.7 billion of partially ECA-backed facilities, with margins at record lows, looks likely by September. But does lender appetite for this deal – an oil refinery priced much cheaper than an offshore wind project of arguably comparable risk profile and credit strength – undermine the credibility of banks and ECAs that claim to take environmentally responsible lending seriously?
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