Refiner and trader Varo Energy secured $3.33 billion in its latest financing round, which will help to fund its sustainable energy projects, including its purchase of a stake in northern Europe’s biggest biogas facility, it said on Thursday.
The package includes $165 million as the company's first green loan - meaning it must fund projects with an environmental benefit. It will partly refinance Varo's acquisition of an 80% stake in Dutch biogas maker"What this gives us is the financial flexibility to invest in what we think is a massive opportunity for our company in green business," Varo Chief Executive Officer Dev Sanyal told Reuters.and energy trader Vitol [RIC:RIC:VITOLV.
The green projects include hydrogen, biofuels, biogas, electric vehicles and nature-based carbon removal.Varo acquired Renewable Energy Services , a trader of biogas and green certificates.Reporting By Noah Browning; editing by Barbara Lewis
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