Solar energy JV's green financing a first in China

TEESS, a 50/50 joint venture company established by TotalEnergies and Envision, has reached the financial close of the first part of a total $80 million non-recourse debt for a 170 megawatts (MW) portfolio in China, the first international non-recourse project financing in China's renewable sector, the company said on Tuesday.

This $80 million non-recourse financing with BNP Paribas (BNPP), Societe Generale (SG), Natixis and Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) is also the first green financing project in the country's industrial and commercial solar industry, said the company.

The company is committed to supporting the development of renewable energy in China, and the success of this financing highlights TEESS and its shareholders' global value strategy in the field of renewable energy while setting a new benchmark for China's renewable energy non-recourse project financing, it said.

TEESS has currently 140 MW of on-site distributed generation solar solutions in operation, supporting 65 industrial and commercial customers in China, including leading worldwide companies.

With the ambition to become one of China's largest service providers of the distributed solar sector, TEESS targets a portfolio of over 500 MW of projects in operation in the next two years.

"Based on our corporate mission and strategic goals, we have built an open and transparent business operation system," said Sun Jie, CEO of TEESS.

"Adhering to the principle of sustainable development, we hope to play a more active role in green investment projects in the future, continue to promote China's zero-carbon economic transformation, and create long-term sustainable value for the environment, society and enterprises."