Singaporean bank loans Bamboo Capital solar subsidiary $77.5 mln
BCG Gaia JSC, a subsidiary of Bamboo Capital Group, has received a VND1.83 trillion ($77.5 million) loan from DBS Bank Ltd (DBS) of Singapore.
BCG Gaia is a joint venture between BCG Energy - a member company of Vietnamese conglomerate Bamboo Capital Group, known as BCG, and SembCorp Energy Vietnam, which specializes in developing large-scale solar power projects in Mekong Delta provinces. It currently owns two solar power plants, BCG Long An 1 and BCG Long An 2, with a total capacity of 141 megawatts.
The long-term DBS loan, which has a competitive interest rate, meets the company's solar development plans. BCG Gaia said that it will use the loan to strengthen its financial structure, significantly lower the investment interest rate bracket for its two solar farms, and improve its competitiveness.
In the context of recent fluctuations in the international and domestic financial markets, most businesses have been facing difficulties raising capital. The mobilization of $77.5 million from DBS shows the confidence of the international financial institution in the business platform and healthy credit profile of projects developed by BCG Gaia, the company said in a release.
In late March 2023, BCG Energy attracted great attention when BGG - SP Greensky, a joint venture between BCG Energy and Singapore utilities company SP Group, raised a syndicated loan of $31.5 million from three Singaporean partners, namely DBS, Oversea Chinese Banking Corporation (OCBC) and United Overseas Bank Limited (UOB). BCG Energy said that the company has been granted a credit line of up to $50 million by the Singaporean banks, and the parties are negotiating to disburse the rest.
Deputy CEO of BCG Energy Pham Nguyen Ngoc Thuong said the recently approved Power Development Plan VIII (PDP VIII) shows the Vietnamese government's commitment and determination in energy transition towards the strong development of renewable sources.
This is also an important legal basis for businesses to implement new renewable energy projects in the future, and creates favorable conditions for mobilizing huge "green credit" from credit and financial institutions at home and abroad.
“BCG Energy will take advantage of opportunities from PDP VIII to continue working with reputable organizations to mobilize additional development resources for wind and solar power projects, actively contributing to the clean energy transition in Vietnam,” she added.
BCG Energy focuses on the development and operation of ground-mounted and rooftop solar assets in Vietnam. The assets include 600 MW of electricity installed, 229 MW under installation, and 670 MW in the pipeline.
As of December 31, 2022, BCG Energy’s equity had stood at VND4.5 trillion ($189 million), and its total renewable assets were more than VND20.83 trillion ($875.2 million).
The company’s 2022 net revenue was more than VND1.06 trillion ($44.7 million), and profit after tax was more than VND258 billion ($10.8 million).
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