TEESS Receives Industry's First Cross-border Non-recourse Project Finance Green Loan
Total Envision Energy Services (TEESS), a leader in distributed PV investment and development operations in China, recently announced the completion of the first drawdown of a US$80 million cross-border portfolio financing project jointly provided by BNP Paribas, Société Générale, Banque de l'Orient, and Banque Française du Commerce. This project is the first non-recourse project finance in China's new energy sector and the first green loan in China's industrial and commercial distributed PV sector.
The success of this financing underscores TEESS's and its shareholders' global value strategy in the renewable energy sector, and its innovative financing structure sets a new benchmark for renewable energy project finance in China. TEESS CEO Jie Sun said he hopes to play a more active role in future green investment projects in China, continuing to help drive the country's zero-carbon economic transition and create long-term sustainable value for the environment, society and business.
TEESS invests in the construction of over 300MW of distributed PV projects every year. At present, it has provided industry-leading zero-carbon integrated energy solutions to leading companies at home and abroad, helping customers to achieve low-carbon transition and fulfill their social responsibility of green and sustainable development. TEESS plans to increase its distributed portfolio to more than 1GW in the next 3 years through similar project finance, loan structures and capital market financing.