HSBC lends $23m for Malaysian company’s solar project in Vietnam

HO CHI MINH – HSBC and Leader Energy of Malaysia have signed a financing agreement worth VND593 billion ($23.3 million) to build a solar power plant in the southern coastal province of Binh Thuan, Vietnam.

Leader Energy will use the seven-year loan to refinance its power plant, which generates 83,000 megawatt-hours of electricity a year, offsetting 75,000 metric tons of carbon dioxide, according to a statement Monday. Group Chief Executive Jenny Ng said the investments in Vietnam would help her company achieve its goal of net-zero greenhouse gas emissions by 2050. The power producer is shifting from coal and diesel to renewable energy.