Multinational car manufacturer Geely Automobile has become the first Chinese automaker to secure an overseas sustainable club loan. The three-year, U.S. $400 million funding will support Geely Auto vehicles research and development in the new energy segment, enabling the company to achieve its carbon neutrality goal by 2045.

For the oversubscribed club loan–in which multiple lenders collaborate with the borrower on financing sustainable initiatives–HSBC is as the Sole Global Coordinator and Joint Sustainability Structuring Bank. Other participating global banks include BOC Hong Kong, BNP Paribas, Bank of America, Nanyang Commercial Bank, Standard Charter and ANZ Bank.

The loan agreement follows Geely Auto’s May launch of its “Sustainable Finance Framework,” outlining the company’s future issuance of green and sustainable development bonds and loans.

The diversification of financing will improve the company’s financial efficiency, reduce debt financing costs, and provide strong financial support for Geely Auto’s development as it continues to expand in the new energy vehicle market, according to a company statement.

The company has set a goal to achieve a 25% reduction in whole vehicle lifecycle carbon emissions by 2025 and carbon neutrality by 2045. Carbon reduction plans will address supply, manufacturing and end-user elements of Geely Auto’s operations.

This year, the company has released several new-energy models, including four hybrids, two all-electric vehicles and a methanol hybrid.