HONG KONG: Asia Clean Capital Ltd (ACC), a renewable energy solutions provider, just announced a $40 million project finance facility from Goldman Sachs, a global investment bank.
The financing facility will allow ACC to accelerate and expand the growth of its rooftop solar solutions nationwide, ACC said in an email statement on Friday.
ACC’s leading renewable energy solutions are focused on rooftop solar projects. The company invests 100 percent of the project costs and provides the design, engineering, equipment, government approvals, installation, and long-term maintenance of solar systems. All electricity produced through ACC’s solar projects is then provided to clients at agreed rates lower than when purchased from the local power grid. ACC’s project sites are typically large production facilities with electric demand from one to twenty megawatts.
Goldman Sachs’ financing facility will allow ACC to help multinational and leading domestic companies in the automotive, consumer goods, food & beverage, healthcare, manufacturing and technology industries to plan and execute solar programs.
The investment from Goldman Sachs “signifies a substantial vote of confidence in the future of ACC and also in the fundamentals of the rooftop solar industry in China,” said Thomas Lapham, CEO of ACC.
“Goldman Sachs has a long-standing commitment to clean energy with a target to finance and invest $150 billion by 2025. Through this facility with Asia Clean Capital, we are able to help expand access to rooftop solar solutions and contribute to China’s goals of accelerating renewable energy deployment,” said Kyung-Ah Park, a managing director and head of the Environmental Markets Group at Goldman Sachs.