DBS Hong Kong entered into a green bridge loan agreement with CNTIC Capital (Hong Kong) Co., Limited ('CNTIC HK'), the sole offshore investment and funding arm of China National Technical Import and Export Corporation ('CNTIC'), as well as a fully-owned subsidiary of China General Technology (Group) Holding Co., Ltd ('Genertec').
Genertec is one of the largest engineering, procurement, and construction conglomerates in China which was recognised as a global Fortune 500 enterprise in 2020.
The completion of the green bridge loan worth close to EUR 15 million, marks DBS Hong Kong's first green loan with CNTIC, for which the bank serves as the sole bilateral lender, and provides CNTIC's first offshore bank loan. This transaction is also supported by China Export & Credit Insurance Corporation ('Sinosure'), a state-funded policy-oriented insurance company, serves as the sole guarantor on the loan.
The green bridge loan will go towards financing CNTIC HK's wind farm project in the municipalities of Tomislavgrad and Livno in Bosnia and Herzegovina. The project, known as Project Ivovik, will be the biggest wind farm and largest-ever investment in renewable energy sources by Chinese enterprises in the markets.
The wind farm will be developed by both CNTIC HK and PowerChina Resources Limited Code: 601669.SS), featuring a total installed capacity of 84 milliwatts (MW). By promoting energy transition and upgrading energy infrastructure upon completion, this national project will contribute to the process of achieving carbon peak and carbon neutrality in Bosnia and Herzegovina.
Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, said, 'As more organisations make concerted efforts in driving a zero-carbon future, the renewable energy industry has been developing at an unprecedented rate. DBS Hong Kong is proud to play a strategic role in supporting CNTIC HK's sustainability endeavours via Project Ivovik, its landmark investment that will transform the renewable energy landscape in Bosnia and Herzegovina, and paves a pathway towards achieving carbon neutrality goals.'
Project Ivovik will be the biggest wind farm and largest-ever investment in
renewable energy sources by Chinese enterprises in Bosnia and Herzegovina.
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