Risen Obtains Project Financing from DEG
NINGBO, China, Dec. 22, 2020 /PRNewswire/ -- Lately, Risen has successfully finished all the CPs to the first disbursement and successfully reached the financial close of the Project Financing of the 73MWp solar project in Cambodia, Risen Energy has signed a $45 million long-term Debt Financing with DEG and ICCF (The Interact Climate Change Facility, a company incorporated as "Société Anonyme" owned by the French Development Agency (AFD), the European Investment Bank and eleven European Development Finance Institutions). Risen Energy is the only Chinese company in the industry to get project financing from both DEG and EBRD, demonstrating its strong international financing capabilities. The financing will be used for a Cambodian independent solar farm.
As a global leading solar PV company, Risen Energy has received international project financing on several occasions. Risen Energy has signed financing agreements with EBRD for Kazakhstan's 50MW solar farm and another 40MW PV project. By doing so, Risen has established the first self-invested, built, and operated independent power stations. This demonstrates Risen Energy's ability in building large-scale solar farms and enhances its model for 'self-invested, built, and operated'.
Risen Energy has engaged in the R&D and production of solar cells and modules as well as the construction and operation of PV solar farms. The company has accumulated rich technical experience and reached to the international standard. Currently, in addition to existing overseas solar farms in Europe, America and Australia, Risen Energy has also invested in LATAM, Central Asia and Southeast Asia.
The success in achieving financing for the Cambodian project represents Risen Energy's new phase in Cambodian market as well as a milestone in the overseas markets.
"DEG is very proud in taking an active role in helping Cambodia on its route to more renewable energy. Thanks to the successful collaboration with Risen Group, the project will be one of the first major utility scale solar power plants in the country. On the back of this successful transaction, DEG is looking to do more projects in the renewables sector in the region to accelerate the growth of green energy capacities and to combat carbon emissions," said Mr. Felix Busse, the Vice President in Infrastructure and Energy Asia/ Europe, DEG.
Regarding the successful cooperation with DEG, Ms. Jieling Zhang, Director of Oversea Project Finance and Investment of Risen Energy, said, "This is a great achievement for both Risen and DEG. We are grateful to work with DEG, who is a global Development Finance Institution with rich experiences and good reputation in cross-border project coordination. The experience greatly enhances our ability in overseas project development, financing and construction, providing strong support for moving towards a broader overseas market. We look forward to the future co-operation with DEG and fighting the global warming together!"
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