Week In South East Asia: COCA-COLA Beverages Philippines Inc. Completes Solar Installation At Its Plant, HSBC Singapore Pilots Two Transactions Under GTF Framework and More

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COCA-COLA Beverages Philippines Inc. (CCBPI) Completes Solar Installation At Its Plant

COCA-COLA Beverages Philippines Inc. (CCBPI) which is the bottling arm of Coca-Cola, has completed the installation of almost 14,000 solar panels in its Davao del Sur, Misamis Oriental and Bacolod plants in the first quarter of 2021. The company said that a multi-phased solar panel project is underway that covers four more sites— namely, Canlubang, Sta. Rosa, Zamboanga and Cebu—with 2022 as a target deadline. This complete project group translates to a 24,000 solar panel project, with the total capacity of 9.4 megawatts. There are also more projects in the pipeline— two plants in North Luzon and the Visayas are being assessed for renewable energy (RE) integration.

HSBC Singapore Pilots Two Transactions Under GTF Framework

The GTF Framework adopts a principles-based approach for banks to identify and assess eligible green trade finance transactions, and provides specific guidance on recommended industry certifications for trade finance activities to qualify as green. Iain Morrison, Head of Global Trade & Receivables Finance (GTRF), HSBC Singapore, said: “Climate change requires all areas of society to do their part. The GTF Framework sets in motion a move towards a clear, unified methodology to qualify trades and working capital loans as sustainable, and represents a tangible blueprint for financial institutions to assess, monitor and report on how ‘green’ a company’s activities are. We believe that the GTF is a great step in the right direction on our journey to address climate change.” The Framework sets out that the Bank’s customer’s use of the funds must meet any of the environmental objectives in the Green Finance Industry Taskforce (GFIT) Taxonomy. These criteria currently include climate change mitigation, climate change adaption, protection of biodiversity and promoting resource resilience.

Malaysia’s OCBC Bank Grants RM100 Million Green Loan To MFP Solar

OCBC Bank (Malaysia) Berhad (OCBC Bank) and Malaysian Rating Corporation Berhad (MARC) announced the closing of an externally reviewed multi-tranche Green Term Loan Facility (Facility) for MFP Solar Sdn Bhd (MFP Solar). The agreement facilitates the establishment of a RM100 million Facility between OCBC Bank and MFP Solar which will be utilised to finance the development of multiple rooftop solar photovoltaic plants under a single master facility structure. MARC had earlier performed a “Green Loan Assessment” on the loan facility offered to MFP Solar by OCBC Bank and assigned it a “Gold” assessment. Each tranche of the Facility will be a standalone term loan that will exclusively finance the project cost of an eligible rooftop solar photovoltaic plant. The loan documentation for the Facility meets core criteria set out in the Loan Market Association’s Green Loan Principles (GLP) 2020 regarding the use of proceeds, processes for project evaluation and selection, and management of proceeds.

SUSI Partners Raises USD 81 Million For Sustainable Energy Transition Investments Across Southeast Asia

SUSI Partners’ Asia Energy Transition Fund (SAETF) held its first closing on 25 May 2021 with investor commitments of USD 81 million. The closing will expand SUSI’s investment reach to a fast-growing region with significant capital requirements for the development of a clean, reliable, and cost-effective energy system. SAETF has raised commitments from a number of DFIs including the Asian Infrastructure Investment Bank (AIIB), Dutch development bank FMO, as well as Nordic DFIs Norfund and Swedfund. Private institutional investors from Germany and Singapore added to the first closing.

Monetary Authority of Singapore Releases Guide For Climate-related Disclosures And Framework For Green Trade Finance

A financial industry taskforce convened by the Monetary Authority of Singapore (MAS) launched several initiatives to accelerate green finance in Singapore through improving disclosures and fostering green solutions. The Green Finance Industry Taskforce (GFIT) issued a detailed implementation guide for climate-related disclosures by financial institutions; a framework to help banks assess eligible green trade finance transactions; and a whitepaper on scaling green finance in the real estate, infrastructure, fund management and transition sectors. GFIT will also launch for financial institutions (FIs) and corporates a series of workshops to build capacity in green finance, with support from its industry association partners.

SP Group And BCG Energy Cooperate To Develop Renewable Energy In Vietnam

SP Group (SP) and BCG Energy Joint Stock Company (BCG Energy), a 100% owned subsidiary of Bamboo Capital Group, signed a Memorandum of Understanding (MoU) on investment into renewable energy projects in Vietnam. Memorandum of Understanding on the transfer of 49% shares of Skylar Joint Stock Company (Skylar) – a subsidiary of BCG Energy. Skylar currently has 61.1MW of rooftop solar capacity. These rooftop solar projects are located in 14 provinces across Vietnam. SP and BCG Energy will jointly explore investment opportunities and develop solar power projects in Vietnam, supporting Vietnam’s ambitious goal of increasing the proportion of electricity produced from renewable energy sources to about 30% by 2030.

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