Swiss-based energy company Met Group has signed a borrowing base facility valued at €1.1bn. The financing will be used primarily for the storage, sale and import of liquefied natural gas (LNG).

The facility was structured and led by ING, which served as coordinator and security and facility agent. The active bookrunning mandated lead arrangers were Rabobank, Natixis CIB and Société Générale. The facility is further backed by 13 additional banks, but Met Group declined to name them.

The facility includes an accordion feature allowing for an increase to up to €1.7bn, which Met Group says may be used to accommodate further volume growth or changes in market structure and environment.

It is slightly smaller than last year’s facility, which raised €1.23bn in an oversubscribed syndication.

Met Group is present in 15 European countries and operates in 30 national gas markets, with a large end-user presence in Southern and Eastern Europe.

Despite banks reducing their financing for fossil fuels, LNG funding has grown, in part due to its touted status as a transition fuel. This has however led to concerns from environmental activists, who claim continuing reliance on LNG will prevent economies from decarbonising.

Met Group hopes to grow its renewables sector exposure, aiming for 2GW of renewable energy capacity in Europe by 2026. “We are looking forward to building on our track record and playing our role in resolving the energy trilemma of energy security, decarbonisation and cost,” says Met Group chief financial officer Sven Kirch.