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Hong Leong Bank allocates RM500 mln to fund renewable energy

KUALA LUMPUR, Oct 16  -- Hong Leong Bank has committed RM500 million in financing for renewable energy (RE) for the next four years to support the government’s goal to increase the share of RE to 20 per cent of the country’s power mix by 2025.

In a statement today, the bank said it has also allocated part of this financing for small and medium enterprises (SMEs) looking to venture into RE, with solar, biogas and small hydropower identified as the key focus areas.

“We’ve identified RE as a commercially viable industry with significant growth potential taking into consideration that the government has also been actively developing the industry.

“As of August 2019, the bank has approved close to RM300 million in financing in which we are confident will exceed the RM500 million target by the end of this financial year, two years ahead of schedule,” said its business corporate banking managing director, Yow Kuan Tuck.

The bank’s financing spanned 20 RE projects of both large corporates and SMEs that generate energy from biogas and solar photovoltaic, and will soon start financing small hydropower projects as well, he said.

Yow pointed out that the current sustainable financing ranges at an average of RM10-15 million per project for non-solar projects.

The bank also has concrete plans to pursue energy efficiency as well and to continue supporting businesses transition towards a low-carbon economy, he added. 

-- BERNAMA

 

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