Siemens Energy has announced the closure of a €3 billion (£2.7bn) credit line with an international consortium of banks that is linked to sustainability.

The financing costs are linked to the fulfilment of defined key performance indicators (KPI) referring to environmental, social and corporate governance criteria, which help to reduce greenhouse gas emissions.

Siemens Energy, the new spin-off, was approved by a large majority of Siemens’ shareholders last month – the company will focus on the energy sector, offering gas and steam turbines, generators, transformers and compressors.

It will also offer wind turbines through its majority stake of 67% in Siemens Gamesa.

Maria Ferraro, CFO of Siemens Energy said: “We are already very well financed for our planned listing at the end of September. The new credit line will provide Siemens Energy with additional financing that can be drawn on at short notice, thus ensuring additional flexibility.”