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HSBC finances HNG Capital’s RM181m acquisition of a stake in Vietnam solar project

HSBC finances HNG Capital’s RM181m acquisition of a stake in Vietnam solar project

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PETALING JAYA: HSBC Malaysia acted as the sole lender for a US$44 million (RM181 million) five-year committed term loan to Penang-based HNG Capital Group to finance the acquisition of a stake in a 330MW solar project in Vietnam.

As part of the Malaysian investment holdings company’s vision to grow as a regional power player, HNG Capital acquired the stake from a company listed on the Ho Chi Minh City Stock Exchange.

HNG Capital’s foray into power generation started off more than 25 years ago when it secured the first independent power producer project in Cambodia in 1994.

Since then, the power division of HNG Capital has evolved, expanded and grown its business through its internal expertise and the setting up of subsidiary companies.

HNG Capital acquired a majority and controlling stake in a hydropower project comprising five hydropower plants in Vietnam in 2016. It then continues to expand its portfolio in renewable energy in the Asean region.

HSBC Malaysia country head of corporate, commercial banking Karel Avni Doshi (pix) said this bodes well with HSBC’s net zero ambition where it aims to support its customers on their journey to a net zero carbon future.

In November 2020, HSBC Group announced its net zero ambition comprising a new set of climate commitments in addressing climate change. The bank aims to work with its business customers to reduce carbon emissions from its overall portfolio of customers to net zero by 2050 or sooner.

“In Malaysia, HSBC is concentrating efforts to deliver HSBC Group’s first sustainable banking entity with our Islamic banking subsidiary HSBC Amanah.

This new plan by HSBC will accelerate our efforts with the HSBC Amanah transformation and more broadly support Malaysia’s own climate ambitions,” added Karel.

Source: thesundaily
Anand Gupta Editor - EQ Int'l Media Network