Pontiac Land Receives First Green Loan in Maldives for Fari Islands Development
The Fari Island’s luxury property developer Pontiac Land Pvt. Ltd. converted $180 million in bank loans into green loans. The Fari Islands were built with sustainability as a driving value. This loan conversion was possible after the Fari Islands received the Excellence in Design for Greater Efficiencies (EDGE) Advanced Certifications, indicating the resort is zero carbon ready.
BS, HSBC and UOB were the Green Structuring Banks for the loan. For DBS and UOB, this is the first green loan in the Maldives. This is HSBC’s first green loan in Maldives’ hotel sector.
Regina Lee, Head of Commercial Banking, HSBC Singapore said, “Pontiac Land’s green facility for the Fari Islands reflects the burgeoning commitment to sustainability in the hotel development space. We’re proud to be the primary lead arranger, facility, and security agent for the development of Pontiac Land’s two resorts in the Maldives. We are also honoured to be Pontiac Land’s key partner in their journey to achieve their environmental and sustainability goals. We expect to see more companies tapping into green finance to realise their low-carbon transition.”
The EDGE Advanced certification is an international green building standard developed by the International Finance Corporation (IFC). Patina Maldives, Fari Islands and The Ritz-Carlton Maldives, Fari Islands were developed with environmental and social sustainability in mind. The resorts’ environmentally conscious initiatives include renewable energy, sustainable architecture and design, plant-based restaurants and guest educational programs. The properties’ commitment to social sustainability is evident in the Fari Campus, an island dedicated to employee wellbeing and personal development.
David Tsang, Chief Executive Officer of Pontiac Land Group, commented, “Pontiac Land takes a long-term view of our real estate developments and investments with core considerations towards responsibility, integrity and sustainability in every project. The Maldives is one of the world’s leading travel destinations and we hope to help lead and encourage the development of greater sustainability methods and practices in the region.”
Featured Image: The Ritz-Carlton Maldives, Fari Islands