UK Export Finance (To 31 Mar 2020)

Adoption Date: 31 Mar 2016
Country of Headquarters: United Kingdom
Region of Headquarters: Europe
Current EPFI Reporting Year/Period: To 31 Mar 2020
Institutional Reporting: Link to Report

 

Please read the important notes and disclaimer for further information on ‘EPFI Reporting’, compliance and publication on the Equator Principles Association website.

Further information on this EPFI may be obtained through the Institutional Reporting hyperlink.

Project Finance Advisory Services

Total number mandated in the reporting period: 0

Project Finance Transactions

Total number that reached Financial Close in the reporting period: 3

Equator Principles Category A1 B2 C3
Sector
Mining
Infrastructure
Oil & Gas 1
Power 2
Others
Region
Americas
Europe, Middle East & Africa 1
Asia Pacific 2
Country Designation
Designated Country4
Non Designated Country 3
Independent Review
Yes 3
No
Totals 3
1

Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.

2

Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

3

Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.

4

Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment. See list of Designated Countries.

Project-related Refinance & Project-related Acquisition For Project Finance

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Project Name Reporting For Project Finance (And Project-related Refinance & Project-related Acquisition Finance For Project Finance)

No. Project Name Sector Country(s) Year of Financial Close
1 BAPCO Refinery Oil & Gas Bahrain 2019
2 Formosa 2 Offshore Wind Farm Power Taiwan R.O.C 2019
3 Changfang and Xiado Offshore Wind Farm Power Taiwan R.O.C 2019

Project-Related Corporate Loans

Total number that reached Financial Close in the reporting period: 1

Equator Principles Category A1 B2 C3
Sector
Mining
Infrastructure 1
Oil & Gas
Power
Others
Region
Americas
Europe, Middle East & Africa 1
Asia Pacific
Country Designation
Designated Country4
Non Designated Country 1
Independent Review
Yes
No 1
Totals 1
1

Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.

2

Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

3

Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.

4

Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment. See list of Designated Countries.

Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Project Name Reporting For Project-related Corporate Loans (And Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans)

Number of projects that were not disclosed as per the disclosure conditions specified in Annex B of the Principles: 1

Under EP4, project name reporting is encouraged for Project-Related Corporate Loans that have reached Financial Close and required for Project Finance transactions that have reached Financial Close.

EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Implementation of the Equator Principles

UKEF’s Environmental Social and Human Rights (ESHR) Policy sets out how UKEF implements the Equator Principles alongside the OECD Common Approaches during pre-issue stages (scoping, screening, and due diligence review), which satisfies Equator Principles 1 – 8, and for post-issue monitoring, to satisfy Equator Principle 9. UKEF published a Note of Human Rights and Social Risks and Impacts in support of its ESHR Policy in March 2017. Further information can also be found in UKEF’s Annual Report and Accounts 2019/20.

UKEF’s Environmental & Social Risk Management Team (E&S Team), is responsible for carrying out the implementation of UKEF’s ESHR Policy. The E&S Team’s staff are professionally qualified and directly undertake and/or manage the necessary ESHR due diligence and liaise with project sponsors and/or exporters and UKEF decision-makers. The E&S Team has approximately 8 full time equivalent staff and reports directly to the Head of Business Group and the Chief Executive. The E&S Team continues to provide internal training to UKEF’s Business Group (including underwriters), and wider staff, to raise awareness of the requirements of the OECD Common Approaches, the EPs, and general ESHR risk management.

Further information about UK Export Finance’s implementation of the EPs can be found here.