Zurich/Ottawa – ABB and Export Development Canada (EDC) have agreed on a far-reaching partnership in the financing of cleantech projects. EDC is providing a sum of $2.9 billion for this purpose.
ABB and the Canadian export credit agency Export Development Canada(EDC) have agreed on a partnership to promote sustainable technologies and projects in Canada. According to a media release, EDC will provide an investment sum of 2.9 billion US dollars for this purpose. With the investments, EDC aims to support ABB customers in the areas of clean and digital technologies, advanced manufacturing and resources of the future. In particular, financing and insurance solutions will be promoted for strategic electrification and automation projects. The partnership is initially limited to three years, with funding to be allocated on a project-by-project basis.
“I am very pleased with our partnership, which demonstrates EDC’s confidence in ABB as a leading technology company in electrification and automation,” Timo Ihamuotila, CFO at ABB, is quoted as saying in the release, “With this partnership, we not only strengthen our value proposition to our customers, it is also in line with our corporate purpose to enable a more sustainable and resource-efficient future. It will enable our customers and us to further invest in sustainable technologies and in this way actively contribute to achieving decarbonization goals in various industries.” ce/ww