ABB and Export Development Canada agree to finance cleantech projects

29 September 2023 09:02

Zurich CCGreater ZurichSwissCham Western Canada

Zurich/Ottawa - ABB has agreed a wide-ranging partnership with Export Development Canada (EDC) to finance cleantech projects. To this end, EDC will finance investments of 2.9 billion US dollars in total.

The Zurich-based technology group ABB and the Canadian export credit agency Export Development Canada (EDC) have agreed a partnership for the promotion of sustainable technologies and projects in Canada. To this end, EDC will support investments with a budget of up to 2.9 billion US dollars overall, further details of which can be found in a press release. With these investments, EDC’s aim is to support ABB customers in the fields of clean and digital technologies, advanced manufacturing and the resources of tomorrow. In particular, the focus will be on promoting financing and insurance solutions for strategic electrification and automation projects. To begin with, the project will run for a duration of three years, with financing to be approved on a case-by-case basis for each project.

“I am very pleased about our partnership with EDC and their trust in ABB as a global technology leader in electrification and automation”, comments Timo Ihamuotila, CFO at ABB, in the press release, before adding: “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”. ce/ww

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