Xinyi Glass secures $3b syndicated loan for green projects
The funds will be used to purchase clean energy-powered equipment.
Automobile glass, energy-saving architectural glass, and high-quality float glass manufacturer, Xinyi Glass Holdings Limited, has secured a $3 billion, three-year term syndicated loan led by Hongkong and Shanghai Banking Corporation Limited.
The loan is oversubscribed with the syndicate members of Sumitomo Mitsui Banking Corporation, Credit Industriel et Commercial Hong Kong Branch, KDB Asia Limited, OCBC Wing Hang Bank Limited and Nanyang Commercial Bank Limited.
The loan is part of the company’s green finance framework agreement, which was approved in the first quarter of 2021.
Through this framework agreement, the Group aims to aid China’s transformation into a green economy and achieve the strategic goal of “carbon neutrality". It will also implement green finance policies in response to the related promotion from the Hong Kong Special Administrative Region Government so as to show society that the group is continuing to push ahead with green strategies in the areas of construction, production, products, and operations.
The funds will be used mainly to purchase equipment powered by clean energy and self-generated renewable energy for self-use, such as solar power and residual heat and loan refinancing.
“We will use this latest green loan alongside its ample financial strengths to draw up a clearer roadmap, together with all of our employees to implement environmental protection and sustainable development initiatives, so as to lead the team to strive to realize our corporate mission and vision of ‘Leading a Green New Life’,” said the chairman of Xinyi Glass, Dr. LEE Yin Yee, B.B.S.
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