Last night the Rainforest Action Network (RAN) presented the financial picture for the $2.5 billion loan for the construction of the Dakota Access Pipeline. The four main banks involved are listed below. The figure “Who’s Banking Against the Sioux?” was created by RAN to show which financial institutions are involved in which parts of the financing. The red lines show the direct financing of the pipeline project. The other lines represent revolving credit that the companies involved can draw on.
So far about one third of the money has been withdrawn by the companies.
One of the most interesting facts about the financing is that only $1.1 billion can be used until ALL of the necessary permits for the pipeline’s construction have been obtained. The final permit necessary to complete construction would be a U.S. Army Corps of Engineers easement to cross Lake Oahe in North Dakota, which is still pending.
The other thing the presentation stated was that this is all the money that will be available for construction–new financing, in case of delays, for example, is not anticipated.