China: ADB, partners ink $100.5m financing package for waste-to-energy projects

ADB launched the inaugural local currency complementary loan for Waste-to-Energy‎ PPP's in PRC.

The Asian Development Bank (ADB) has signed a financing package of up to $100.5 million with China’s Dynagreen Environmental Protection Group (Dynagreen), and 10 commercial banks to support Dynagreen’s clean Waste-to-Energy (WTE) projects.

All groups signed the agreement on Tuesday (February 28) in addition to an A-loan of up to $100 million equivalent in yuan financed from ADB’s ordinary capital. ADB is also providing a technical assistance grant of up to $500,000 to enhance Dynagreen’s corporate governance system.

The event marked ADB’s inaugural onshore local currency complementary loan syndication in China.

Also Read: ADB inks $109m financing for clean energy venture in Indonesia

The financing package will help the development of Dynagreen’s WTE projects based on public-private partnership (PPP) with smaller municipal governments, reducing greenhouse gas emissions, as well as soil and ground water contamination.

Also Read: ADB pledges $1.75b in loans to Myanmar over 5 years from 2017

The project includes the construction of at least nine WTE plants generating around 610 gigawatt-hours of electricity a year by 2018 using clean technologies.

“The agreement signed today will improve solid waste management in PRC’s smaller cities, and also increase energy generation from renewable sources to help diversify the country’s energy mix,” said Diwakar Gupta, ADB’s vice-president for private Sector and cofinancing operations.

The local currency complementary loan syndication was arranged by Bank of Tokyo-Mitsubishi UFJ and oversubscribed with participation by 10 commercial banks including Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Cathay United Bank, CTBC Bank, Shanghai Pudong Development Bank, Fubon Bank, Hang Seng Bank, Shinhan Bank, Sumitomo Mitsui Trust Bank, and Korea Development Bank.

Also Read:

ADB, JICA create new $1.5b fund to spur private investment in infrastructure

ADB, Sri Lanka Ports Authority ink agreement for $500m port project via PPP

ADB okays $250m aid for China, $123m loan for PH water projects

ADB, AIIB approve $100m co-financing deal for Pakistan road project

ADB pledges $1.75b in loans to Myanmar over 5 years from 2017

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.