The SGD419 million ($310 million) loan secured by Frasers Centrepoint Trust (FCT) for its Tampines 1 shopping centre development scooped the award for its ground-breaking combination of a green loan with carbon credits.

The green loan proceeds are used to refinance a maturing facility for the seven-storey retail complex, Tampines 1.

Alongside the loan, the deal incorporates the acquisition of Verra- or Gold Standard-certified carbon credits generated by nature-based carbon reduction projects to offset the green loan financed emissions, including the Scope 1 and 2 emissions and energy-related Scope 3 emissions from tenants.

The deal secured in partnership with Singaporean bank OCBC is the first in Singapore to combine a green loan with carbon credits.

In addition, FCT has committed to purchase additional carbon credits to offset the residual operational emissions generated by the Tampines 1 mall.

OCBC global corporate banking head Elaine Lam told Environment Finance the innovative financing structure financing “will pave the way for us to support green buildings, while directing more capital towards carbon credit generating projects”.

Tampines 1 is certified as 'Green Mark GoldPLUS' by the Singapore Building and Construction Authority (BCA) with more than 268,000 square feet of lettable area. Among the 'green' and energy efficiency features of the building are solar panels, motion-sensitive lighting, and rooftop greenery to improve the efficiency of its cooling systems.