ABB and Export Development Canada Agree on Global Partnership for Financing Clean Tech Projects
September 29, 2023
- Global partnership of up to US$ 2.9 billion between ABB and Export Development Canada (EDC) will support ABB’s customers with debt financing for key electrification and automation projects globally
- Commercial financing will be provided on a project-by-project basis as part of the three year partnership
- Partnership acknowledges ABB’s significant footprint in Canada, its contribution to furthering innovation across key sectors of the future and delivering economic benefits that reach far beyond their operational footprint
ABB and Export Development Canada (EDC), Canada’s export credit agency, have signed a global partnership to promote investments in sustainable technologies and projects in Canada and around the world. The support provided by EDC, with a total limit of up to US$ 2.9 billion, will provide ABB’s customers with financing and insurance solutions to strategic electrification and automation projects in the sectors of clean technologies, advanced manufacturing, digital technologies, and resources of the future. Commercial financing will be provided on a project-by-project basis and the partnership will initially run for three years.
ABB CFO Timo Ihamuotila said: “I am very pleased about our partnership with EDC and their trust in ABB as a global technology leader in electrification and automation. This partnership enhances our value proposition to customers and is fully in line with our purpose to enable a more sustainable and resource-efficient future. It will offer our customers and us the opportunity to further invest in sustainable technologies and – in doing so – to contribute actively to reaching decarbonization goals in various industries.”
The partnership aims to foster investments globally and locally in Canada both through ABB’s customer projects and within the company’s own operations. EDC will finance and provide insurance to customer projects across the ABB portfolio, from electrification, motion, process automation to robotics and discrete automation.
“EDC is committed to supporting large multinational companies, like ABB, that have strong anchors in Canada and are focused on building an innovative, equitable and sustainable economy,” said Sven List, Senior Vice President, Corporate and International Group, EDC. “Extensive capital is required to transition to more sustainable practices and develop greener products and services. Together we will play an important role in developing Canada’s contribution to global sustainability and address pressing issues like climate change.“
A specific focus will be on strategic investments in technologies and solutions with growth potential, such as green hydrogen production, sustainable transport solutions or the electrification of today’s fossil-based activities to reduce global greenhouse gas emissions. Collaboration with innovative Canadian start-ups is also an essential topic under the umbrella of the partnership with EDC. With over 100 years of technological innovation in Canada, ABB’s success in Canada is driven by 3,100 talented employees in 29 locations from coast to coast.
