SP Group announces large deal with CMB Financial Leasing

SP Group, an energy solution provider headquartered in Singapore, announced on Wednesday an 8 billion yuan ($1.1 billion) deal with China's CMB Financial Leasing Co Ltd via SP's wholly-owned subsidiary, Shirui Energy Technology (Shanghai) Co Ltd.

Under this partnership, CMB Financial Leasing Co Ltd will provide financing services to support SP Group's deployment of renewable energy solutions in China, whose approval process is expected to exceed the industry average. This will improve the SP's asset liquidity and the optimization of its asset structure.

The scale of the cooperation between SP and CMB Financial Leasing is expected to reach up to 8 billion yuan in the next three years, focusing on SP's target cities and projects. These projects include utility-scale solar farms, distributed solar photovoltaic, energy storage, and district cooling and heating.