Dutch lender ING has successfully converted a US$160 million five-year term loan for the GIP EM Ascend 2 (GIP EM) fund into a sustainability-linked loan (SLL), which was used by Ascend Telecom Infrastructure, an India-based telecom tower company owned by GIP EM and its affiliates, to acquire Tower Vision India.

This transaction marks Asia-Pacific’s first SLL for a pure telecom tower company. The SLL, with a maturity set for 2028, ING says, “underscores its support for Ascend’s commitment to environmental, social and corporate governance (ESG) goals to achieve sustainability targets in emissions reduction, waste management and diversity.”

ING acted as joint sustainability coordinator and mandated lead arranger with Standard Chartered Bank (Singapore).

“As a pioneer in sustainable finance, we are pleased to support Ascend’s shift to a greener future,” adds Anju Abrol, the bank’s CEO and head of wholesale banking for Asia-Pacific. “Our sector expertise and commitment to sustainability has enabled us to set a new industry standard in one of the largest telecommunications markets in the world.”