HSBC is supporting construction of the project with a US $2.5 million green term loan.
“We are delighted to be supporting RedSea at this early stage in their commercial journey,” said Miles Thornhill, Head of Corporate Banking and Head of Business Banking for the United Arab Emirates at HSBC.
“Solving food insecurity will require innovative solutions and significant investments in agritech ventures globally. We believe sustainable finance has an important role to play in helping scale up technologies that will have a positive impact on our future.”
In addition to growing and selling its own produce under the Red Sea Farms brand, the company has started to supply its technologies to other growers in hot places around the world, including the Middle East, Southern Europe, the Southern US and Mexico. With global temperatures breaking records again this summer, solutions like these will only become more important in feeding the world’s growing population.
RedSea recently won in the environment category of HSBC’s Living Business 2022 programme. Run in partnership with Globally, a Dubai-based ESG consultancy, Living Business is a programme that is design to help companies transition to more sustainable ways of doing business. Participating companies receive one-on-one strategic guidance and support as well as access to a panel of experts who work with them.
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