ING Provides $424M in Green Loans for Port Terminal Expansion
- Editor
- Feb 6
- 2 min read
What's Happening: ING Capital LLC has closed $424 million in credit facilities for International Transportation Service (ITS) to support a major terminal redevelopment project at the Port of Long Beach. The financing will help expand yard capacity by 50% and electrify ITS's current fleet, aligning with California's Clean Air Action Plan targets.
The Key Moves:
ING acted as Administrative Agent, Joint Lead Arranger, Sole Taxable Debt Bookrunner, and Joint Sustainability Coordinator for the $424 million facilities.
The credit facilities include $224 million in taxable and $200 million in tax-exempt financing.
Up to $100 million of the facilities are designated as Green Loans for procuring electrified terminal equipment.
By The Numbers :
The terminal redevelopment plan includes a slip-fill project with an estimated capex spend of ~$300 million.
The expansion will increase yard capacity to accommodate up to two 18,000 Twenty-Foot Equivalent Unit (TEU) vessels simultaneously.
Macquarie Asset Management, which owns ITS through a managed vehicle, manages approximately $633.7 billion in assets globally.
Key Quotes:
"Our partnership with ING and the other lenders represents a significant milestone in our strategic mission to enhance marine terminal infrastructure across the Americas," said Mike Dyadyuk, Managing Director at MAM.
"ING is proud to support ITS, a forward visioned terminal operator, with their ambitious journey towards net-zero operations," said Marta Bede, Managing Director, Infrastructure, Americas, ING.
"This partnership underscores our commitment to financing sustainable initiatives that support reduced negative environmental impact, while supporting capacity expansions that scale essential decarbonization catalysts for achieving net-zero," added Suleyman Kilci, Vice President, Sustainable Solutions Group, Americas, ING.
The Bottom Line: This financing deal demonstrates the growing importance of sustainable infrastructure investments in the shipping industry. By supporting ITS's expansion and electrification efforts, ING is helping to advance environmental goals while also enhancing critical port capacity in Southern California.
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