SKF Issues EUR400 Million Green Bond

By Dominic Chopping

STOCKHOLM--Sweden's SKF AB said Thursday that it has issued its second green bond, which will raise 400 million euros ($400.3 million) to fund eligible green projects.

"The proceeds from the green bond will finance continued investments in SKF's intelligent and clean strategy, where potential projects totaling a significant amount of the bond's value already have been identified," it said.

The Swedish ball-bearing maker said these potential projects include capital investments and product development for cleantech as well as reduced energy consumption and waste, both for its customers and SKF's own operations. This comes as part of its ambitions to reach net zero greenhouse gas emissions in own operations by 2030 and in the supply chain by 2050, the company said.

The bond was oversubscribed more than six times.

SKF has previously allocated the EUR300 million raised in its first green bond to 90 eligible projects.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

September 08, 2022 07:23 ET (11:23 GMT)

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