Asia Clean Capital Receives US$40 million Project Finance Facility from Goldman Sachs
Asia Clean Capital Ltd., whose renewable energy solutions help multinational and domestic corporations in China reduce operating costs, decrease carbon footprint, and meet sustainability targets, today announced a US$40 million project finance facility from Goldman Sachs, a global investment bank and active investor in renewable energy. The financing facility will allow ACC to accelerate and expand the growth of its rooftop solar solutions nationwide.
ACC’s leading renewable energy solutions are focused on rooftop solar projects. The company invests 100 percent of the project costs and provides the design, engineering, equipment, government approvals, installation, and long-term maintenance of solar systems. All electricity produced through ACC’s solar projects is then provided to clients at agreed rates lower than when purchased from the local power grid. ACC’s project sites are typically large production facilities with electric demand from one to twenty megawatts.Goldman Sachs’ financing facility will allow ACC to help multinational and leading domestic companies in the automotive, consumer goods, food & beverage, healthcare, manufacturing and technology industries to plan and execute solar programs.
“Today’s announcement signifies a substantial vote of confidence in the future of ACC and also in the fundamentals of the rooftop solar industry in China,” said Thomas Lapham, CEO of ACC. “We are excited to work with Goldman Sachs given their deep technical knowledge, global network and experience in investing in China. Some of the world’s largest and most important corporations rely on ACC’s solar solutions. Goldman Sachs’ backing will further ensure that we can continue to enhance our product offerings to meet and exceed their high standards.”
“Goldman Sachs has a long-standing commitment to clean energy with a target to finance and invest $150 billion by 2025. Through this facility with Asia Clean Capital, we are able to help expand access to rooftop solar solutions and contribute to China’s goals of accelerating renewable energy deployment,” said Kyung-Ah Park, a managing director and head of the Environmental Markets Group at Goldman Sachs.