HSBC finances HNG’s Vietnam project
KUALA LUMPUR: HSBC Bank Malaysia Bhd has financed Malaysia-based HNG Capital Group’s acquisition of a stake in a solar project in Vietnam.
HSBC Malaysia acted as the sole lender for a US$44 million five-year committed term loan to HNG to finance the acquisition.
HNG acquired the stake from a company listed on the Ho Chi Minh City Stock Exchange (HoSE) as part of the Malaysian investment holding company’s vision to grow as a regional power player.
“The success of this transaction is attributed to HSBC’s strong Asean network where HNG enjoys a robust relationship with HSBC Malaysia and HSBC Vietnam,
respectively.
“The collaboration between HSBC Malaysia and HSBC Vietnam provided a holistic solution for HNG’s acquisition of the solar project,” said HSBC Malaysia yesterday.
HSBC Malaysia country corporate commercial banking head Karel Avni Doshi said it was proud to support a local company, such as HNG, in its regional expansion journey within Asean, particularly in sustainable energy initiatives.
This bodes well with HSBC’s net-zero ambition where the group aims to support its customers on their journey to a net-zero carbon future while ensuring their resilience and growth.
“HSBC takes the threat of a climate crisis seriously. We believe that we can contribute to tackling climate change by working handin-hand with our business customers to find a suitable transition pathway to sustainability for them. 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 boost our efforts with the HSBC Amanah transformation and support Malaysia’s climate ambitions,” said Doshi.
HNG’s foray into power generation started 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 has evolved, expanded and grown its business through its internal expertise and the setting up of subsidiary companies.