Represents BNP Paribas and Citibank in financing initiatives aligned with sustainability
In a significant move towards sustainable financing, BNP Paribas and Citibank, N.A. have successfully closed a dual-currency pre-export finance facility for Companhia Brasileira de Alumínio (CBA), Brazil's largest aluminum producer. The facility, valued at $50 million USD and 44 million EUR, reached financial close on July 31, 2025.
The financing is a sustainability-linked facility, designed with a carbon footprint key performance indicator (KPI) and sustainability performance targets aimed at managing and reducing greenhouse gas emissions linked to CBA’s aluminum exports. The proceeds of the facility will be used to pre-finance current and future exports of aluminum and related products by CBA, as well as other commodities.
SACE, an Italian insurance and finance group controlled by Italy’s Ministry of Economy and Finance, provided the guarantee for the financing through its Push Strategy program. This program supports international buyers who commit to increasing their purchases of Italian goods and services, helping strengthen trade ties with Italian suppliers of industrial equipment, engineering services, and inputs relevant to aluminum production.
José Cobeña from Norton Rose Fulbright led the legal advisory for BNP Paribas and Citibank on this cross-border transaction. The team included Dan Spencer, Juliana Souza (based in São Paulo), and Arturo Sferruzza and Giulio Mariano (based in Milan). The transaction involved complex coordination across Brazilian, Italian, UK, and US legal frameworks to align sustainability requirements with the financing terms.
CBA, a subsidiary of the Votorantim Group, has already established a public sustainability strategy targeting reductions in Scope 1, Scope 2, and Scope 3 emissions intensity. The financing framework and targets align with the Sustainability-Linked Loan Principles of the Loan Market Association and were independently validated by second-party rating agencies.
This deal adds to Norton Rose Fulbright’s growing portfolio of sustainability-linked financing mandates across various sectors globally in 2025. The facility is a prominent example of linking capital access directly to measurable ESG outcomes, particularly carbon emissions management, in the international commodities export sector.
In conclusion, this partnership marks a significant step towards sustainable financing in the aluminum industry, demonstrating the potential for international collaboration to drive environmental and economic progress.
- The financing, linked to CBA's aluminum exports, is designed with a carbon footprint key performance indicator (KPI) and sustainability performance targets aimed at managing and reducing greenhouse gas emissions, demonstrating the intersection of science, climate-change, and environmental-science.
- SACE, an Italian insurance and finance group, provided the guarantee for the financing through its Push Strategy program, which supports international buyers who commit to increasing their purchases of Italian goods and services, illustrating the role of finance and business in environmental progress.
- The deal is a prominent example of linking capital access directly to measurable ESG outcomes, particularly carbon emissions management, in the international commodities export sector, underlining the potential for industry and finance to collaborate for environmental and economic benefits.
