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HomeStartup NewsMalaysia-based Leader Energy's Vietnam solar project receives $23m from HSBC

Malaysia-based Leader Energy’s Vietnam solar project receives $23m from HSBC

A statement states that HSBC Vietnam and Malaysia-based Leader Energy Holding Berhad, a subsidiary of HNG Capital, have agreed to finance 593 billion dong ($23.3 million) for Leader Energy’s solar project development in Vietnam.

Leader Energy’s seven-year committed term loan is HSBC’s second Vietnamese project financing with the company, following a hydropower plant in 2017.

Read also- UAE-Based Maalexi Secures USD$1 Million in Funding

Vinh Hao 6 ,a 50 MW solar power project, will be financed with the loan. companies has committed to exceed 500 MW of renewable energy in Vietnam, fully acquired VH6 in 2023.

“Contributing to the energy transition is a key component of Leader Energy’s strategy to mitigate climate change and promote sustainable development. The group is expanding its renewable energy portfolio to fulfil its commitment to achieving net zero greenhouse gas emissions by 2050,” said Jenny Ng, Group Chief Financial Officer, Leader Energy.

The Vietnamese renewable energy sector has grown recently. According to Nikkei Asia, B Grimm Group of Thailand runs one of the region’s largest solar farms and First Solar, the largest US panel manufacturer by market cap, owns a vast facility in Ho Chi Minh City.

Dutch development bank FMO proposed investing $8.2 million in the latest equity round of Vietnam-based Indefol Solar, which plans, builds, and operates 179-Mwp solar power projects for commercial and industrial clients, in 2023.

Read also- India-Based Centriti Secures Around $700K in Funding

China’s Trina Solar plans to invest $420 million in Vietnam’s northern province of Thai Nguyen, bringing its total investment to about $900 million.

About Leader Energy

Leader Energy was one of the first companies in Southeast Asia’s power industry when it was founded more than 29 years ago. It is a fully owned subsidiary of Malaysian family-owned investment holdings company HNG Capital Sdn Bhd.

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