Natixis Investment Managers and Fubon Bank (Hong Kong) Limited provide a green project loan to finance PAG’s rooftop solar portfolio
Natixis Investment Managers together with Fubon Bank have provided a 10.5-year HKD 400 million (USD 50 million) debt facility to Widex Group Holdings Limited and Widex Solar Asset Holding Ltd. The loan will be used to finance and/or refinance a portfolio of rooftop solar photovoltaic (PV) projects deployed in corporate, industrial and public buildings across Hong Kong.
Natixis Investment Managers (Natixis IM) private debt real assets team was acting on behalf of a Hong Kong based insurance company. Fubon Bank is a wholly owned subsidiary of Fubon Financial Holding Co., Ltd., one of the largest financial holding companies in Taiwan. Widex Group Holdings Limited and Widex Solar Asset Holding Ltd are both controlled by PAG, a leading APAC-focused alternative investment manager.
The facility is structured as a non-recourse project finance loan to be secured against one of the largest rooftop solar portfolios in Hong Kong, with over 100 existing rooftop solar PV projects, approximately 20MW of capacity qualified under Hong Kong’s Feed-in-Tariff (FiT) Scheme, and plans for significant further expansion. The financing supports the growth of renewable energy and green finance in the city, both of which are key strategies in Hong Kong’s Climate Action Plan 2050, which aims to achieve carbon neutrality by 2050.
The loan complies with the Asia Pacific Loan Market Association’s Green Loan Principles and has received a pre-issuance stage certificate issued by the Hong Kong Quality Assurance Agency under the Hong Kong Green and Sustainable Finance Scheme.
This transaction represents a key milestone for Natixis IM, arranging an infrastructure project finance loan in Asia on behalf of an Asian institutional client. “Our strong banking background allows us to originate and structure loans and this is a first in the area of green finance in Hong Kong for our team. We are delighted to be building our green credentials with clients at this time,” commented Angus Davidson, Head of Private Debt Real Assets at Natixis IM.
“We are very pleased to be delivering these types of assets for our local clients while developing relationships with a growing renewables investor like PAG,” said Evelyn Chan, Director of APAC Infrastructure Private Debt Real Assets at Natixis IM.
For Further Reading:
About Natixis IM Private Debt Real Assets (Natixis IM PDRA)
Natixis IM PDRA has been active in infrastructure debt asset management since 2016. To date it has invested EUR 719 million and now has EUR 2.7 billion in committed capital , managing 7 funds or mandates.* The Hong Kong office was set up in 2019 to provide closer access and expertise to the Asia Pacific markets.
* Natixis IM as of November 2022.
Natixis Investment Managers International
Société anonyme de droit français avec Conseil d’Administration (Société Anonyme)
Capital : 51 371 060,28 €. RCS Paris : 329 450 738.
Agréé par l’Autorité des Marchés Financiers (AMF) sous le numéro GP 90-009 43 avenue Pierre Mendès France, 75013 Paris.
www.im.natixis.com
Natixis Investment Managers
RCS Paris 453 952 681
Capital : 178 251 690 €
43 avenue Pierre Mendès France
75013 Paris
www.im.natixis.com
This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.
Copyright © 2023 Natixis Investment Managers S.A. – All rights reserved
Natixis Investment Managers (Natixis IM) private debt real assets team was acting on behalf of a Hong Kong based insurance company. Fubon Bank is a wholly owned subsidiary of Fubon Financial Holding Co., Ltd., one of the largest financial holding companies in Taiwan. Widex Group Holdings Limited and Widex Solar Asset Holding Ltd are both controlled by PAG, a leading APAC-focused alternative investment manager.
The facility is structured as a non-recourse project finance loan to be secured against one of the largest rooftop solar portfolios in Hong Kong, with over 100 existing rooftop solar PV projects, approximately 20MW of capacity qualified under Hong Kong’s Feed-in-Tariff (FiT) Scheme, and plans for significant further expansion. The financing supports the growth of renewable energy and green finance in the city, both of which are key strategies in Hong Kong’s Climate Action Plan 2050, which aims to achieve carbon neutrality by 2050.
The loan complies with the Asia Pacific Loan Market Association’s Green Loan Principles and has received a pre-issuance stage certificate issued by the Hong Kong Quality Assurance Agency under the Hong Kong Green and Sustainable Finance Scheme.
This transaction represents a key milestone for Natixis IM, arranging an infrastructure project finance loan in Asia on behalf of an Asian institutional client. “Our strong banking background allows us to originate and structure loans and this is a first in the area of green finance in Hong Kong for our team. We are delighted to be building our green credentials with clients at this time,” commented Angus Davidson, Head of Private Debt Real Assets at Natixis IM.
“We are very pleased to be delivering these types of assets for our local clients while developing relationships with a growing renewables investor like PAG,” said Evelyn Chan, Director of APAC Infrastructure Private Debt Real Assets at Natixis IM.
For Further Reading:
- Natixis IM International Finances Niche Waste Management Plants
- Natixis IM Private Debt APAC wins Infrastructure Award
- Natixis Investment Managers Expands Infrastructure Debt Platform
Natixis IM PDRA has been active in infrastructure debt asset management since 2016. To date it has invested EUR 719 million and now has EUR 2.7 billion in committed capital , managing 7 funds or mandates.* The Hong Kong office was set up in 2019 to provide closer access and expertise to the Asia Pacific markets.
* Natixis IM as of November 2022.
Natixis Investment Managers International
Société anonyme de droit français avec Conseil d’Administration (Société Anonyme)
Capital : 51 371 060,28 €. RCS Paris : 329 450 738.
Agréé par l’Autorité des Marchés Financiers (AMF) sous le numéro GP 90-009 43 avenue Pierre Mendès France, 75013 Paris.
www.im.natixis.com
Natixis Investment Managers
RCS Paris 453 952 681
Capital : 178 251 690 €
43 avenue Pierre Mendès France
75013 Paris
www.im.natixis.com
This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.
Copyright © 2023 Natixis Investment Managers S.A. – All rights reserved