IFC may extend up to $150m loan to Chinese energy company Canvest

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The International Finance Corporation (IFC), a member of the World Bank Group, is looking to extend a loan of up to $150 million to Chinese private waste-to-energy (WtE) company Canvest Environmental Protection Group Company Ltd, it said in a disclosure.

As part of the proposal, IFC is proposing a five-year loan package which includes a loan of up to $50 million and mobilization of up to $100 million to Canvest to support its early development of WtE projects in China and possibly, other developing countries.

“Total project cost is estimated at about $853.8 million, which is to be financed by a combination of Canvest’s internal cash generation, IFC A Loan, mobilization, and domestic bank loan. IFC’s A Loan will be 6% of Company’s total capex need during 2H2017-2019,” said IFC.

IFC has previously extended an HK$465 million ($59.2 million) loan to Canvest in April 2016, which saw the former taking a 4.9 per cent ownership in the latter.

Canvest is mainly a family-owned business, with the Lai family holding a 54.6 per cent stake, while other main investors include Shanghai Industrial Holding Ltd and AEP Green Power, which hold 14.5 per cent and 5.6 per cent, respectively.

Currently, Canvest is working on 17 projects and the daily MSW (municipal solid waste) processing capacity of all the operating, secured and announced projects has reached 26,040 tonnes, it said on its website.

Going forward, Canvest will expand its waste-to-energy business mainly through developing greenfield projects or pursuing acquisitions.

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Singapore Reporter/s

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

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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.