A $31.5 million green credit deal for BCG-SP Solar 1 has been chosen “Vietnam Renewable Energy Deal of the Year-Solar” by Asia-focused financial magazine The Asset.
BCG-SP Solar 1 is the subsidiary of BCG-SP Greensky, a joint venture between Vietnam’s BCG Energy and Singapore’s utilities company SP Group.
The recognition has been conferred under the magazine’s Triple A Sustainable Infrastructure Awards that honors outstanding and influential banks, financial institutions and deals of the year. It highlights financial institutions’ efforts to push green energy transition in the Asia-Pacific region.
Financial institutions and consultants from 18 Asian nations participated in the 25th edition of the awards, the magazine said.
In March, BGG - SP Greensky received $31.5 million disbursed by three major Singapore banks as part of a credit line totaling $50 million.
The credit line is a syndicated loan from DBS, Oversea Chinese Banking Corp. (OCBC), and United Overseas Bank (UOB), will be used by BCG- SP Solar 1 JSC to finance rooftop solar power projects in Vietnam.
Amid the market’s volatility and challenges in sourcing capital, the deal is prominent for its large size, the participation of three major banks, and the prestige of BCH-SP Solar 1, The Asset remarked.
At the moment, the joint venture operates projects that generate 71 MW of rooftop solar energy. The company aims to increase it to 500 MW by 2025, becoming the leading rooftop solar energy firm in Vietnam.
The Bamboo Capitals Group (BCG) said the rooftop solar energy projects will contribute to Vietnam’s cleaner energy transition and the goal of achieving carbon neutrality by 2050.