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LISTED COMPANY - JAKARTA. DBS Bank Indonesia and PT Indo-Rama Synthetics Tbk (INDR), a subsidiary of Singapore's Indorama Corporation Pte. Ltd, has announced the signing of a $10 million credit facility to support Indorama's sustainability agenda.
The facility will finance the development of infrastructure that connects the complex of the issuer's spun yarn and polyester production plant, located in Purwakarta, West Java, with the national electricity network. This will facilitate a transition from captive coal-fired power generation.
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The project will also help increase energy efficiency in the plant complex and contribute to reducing Indorama's carbon footprint. Indorama will monitor the project schedule while measuring and reporting Greenhouse Gas (GHG) emissions annually to DBS Bank Indonesia.
V.S. Baldwa, Managing Director and Group Chief Financial Officer of Indorama, said that Indorama has made significant commitments to creating a sustainable future, and this project is a crucial step in reducing our group's greenhouse gas emissions, aligning with Indorama's sustainability improvement plans.
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"This financing further strengthens our long-term relationship with DBS Bank Indonesia in supporting their commitment to their sustainability agenda," Baldwa said in a release received by Kontan.co.id on Friday (5/4).
Bimo Notowidigdo, Managing Director and head of Group Strategy, Transformation, Analytics & Research at DBS Indonesia, said that sustainability strategy is becoming an increasingly important agenda for both countries and companies. "DBS Bank Indonesia supports the decarbonization plans of Indonesian companies across various industries, as part of our commitment to support the Indonesian government in achieving a net zero plan by 2060," Bimo explained.
