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).
- Read More
Commonwealth Bank of Australia further sells 10% stake in Vietnam bank VIB
The Commonwealth Bank of Australia (CBA) has sold a further 10% stake in Vietnam International Commercial Joint Stock Bank (VIB).
Banking - Wed, October 30, 2024 | 1:17 pm GMT+7
Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam
State-owned Saudi Arabian Oil Group (Aramco), the world’s largest oil producer, is eyeing to invest in petrochemical-oil refining and petroleum distribution in Vietnam, said president and CEO Amin Hassan Nasser.
Energy - Wed, October 30, 2024 | 11:01 am GMT+7
Emirates seeks to expand presence in Vietnam
Emirates, the flagship carrier of the UAE, has signed two separate memorandums of understanding (MoUs) with Vietnam Airlines and Vietjet as part of the airline's efforts to expand its footprint in Vietnam.
Companies - Wed, October 30, 2024 | 10:02 am GMT+7
Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts
While Q3 results among Vietnam’s steelmakers are a mixed bag of gradual recovery and continued losses, there are several factors pointing to a brighter outlook for the industry, analysts say.
Industries - Wed, October 30, 2024 | 8:00 am GMT+7
Former National Assembly General Secretary faces disciplinary action
The Party Central Committee’s Inspection Commission has proposed competent authorities take disciplinary action against Bui Van Cuong, who stepped down last week as the National Assembly’s General Secretary.
Politics - Tue, October 29, 2024 | 11:10 pm GMT+7
Indonesia aims to become Southeast Asia's EV production hub
Indonesia is actively seeking to boost investment in a bid to establish itself as a center for electric vehicle (EV) and battery production in Southeast Asia.
Southeast Asia - Tue, October 29, 2024 | 10:38 pm GMT+7
Singapore trials autonomous vehicles on public roads for cargo transportation
Singapore’s FairPrice Group (FPG) recently announced that it has become the first organization in the country to receive approval from the Land Transport Authority (LTA) for the final stages of trials to use autonomous vehicles (AVs) on public roads for cargo transportation.
Southeast Asia - Tue, October 29, 2024 | 10:37 pm GMT+7
Malaysia promotes green energy transition
The Malaysian Government has increased the National Energy Transition Facility Fund allocation to over RM300 million ($60.80 million) in the 2025 budget from only RM100 million this year.
Southeast Asia - Tue, October 29, 2024 | 10:35 pm GMT+7
Singapore spends $270 mln on AI infrastructure, human resources
Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.
Southeast Asia - Tue, October 29, 2024 | 10:34 pm GMT+7
Vietnam gov’t removes curbs on retail investors in private bond offerings
The Vietnamese government has dropped initially drafted restrictions on retail investors of corporate bonds via private placements in a move to beef up the local stock market after recent financial scandals.
Finance - Tue, October 29, 2024 | 10:16 pm GMT+7
Germany’s PNE seeks Vietnam partners for $4.6 bln offshore wind power project
Germany-based wind energy developer PNE AG is seeking “sustainable partners” in Vietnam to deploy the $4.6 billion Hon Trau offshore wind power project in the central coastal province of Binh Dinh.
Energy - Tue, October 29, 2024 | 6:55 pm GMT+7
E-wallet turned financial assistant MoMo banks on ‘power of small things’: exec
MoMo e-wallet believes in the power of small things, Vietnamese ingenuity, technological advancement, and positive change, says Nguyen Manh Tuong, co-founder, vice chairman of the board, and CEO of MoMo.
Companies - Tue, October 29, 2024 | 6:29 pm GMT+7
Keppel subsidiary M1 buys 70% stake in Vietnamese IT firm ADG for $29 mln
M1 Limited (M1), a telecommunications firm under Singaporean conglomerate Keppel, will acquire a 70% stake in Vietnam-based information technology (IT) solutions provider ADG for SGD37.8 million ($28.5 million).
Companies - Tue, October 29, 2024 | 4:27 pm GMT+7
Vietnam’s Masan MEATLife posts $4.14 million in Q3 after-tax profit
Masan MEATLife (MML), a subsidiary of Vietnamese consumer retail giant Masan Group, recorded net profit after tax and pre-minority interest (NPAT Pre-MI) of VND105 billion ($4.14 million) in the third quarter of 2024.
Companies - Tue, October 29, 2024 | 3:25 pm GMT+7
Vietnam’s PV Gas, Russia’s Zarubezhneft to further core area cooperation
PV Gas, under state-owned Petrovietnam, and Russia’s state-owned Zarubezhneft will further cooperate in oil-gas and energy activities, the former said on Monday.
Energy - Tue, October 29, 2024 | 3:05 pm GMT+7
Vietnam steel major Hoa Phat’s net profit may reach $1 bln with new mill
Hoa Phat Group, which claims to be the biggest steel producer in Vietnam and Southeast Asia, may record a net profit of VND20-25 trillion ($793-991 million) when its new mill in the central region becomes fully operational, according to Vietcombank Securities (VCBS).
Companies - Tue, October 29, 2024 | 2:42 pm GMT+7