In which, HSBC will provide a long-term loan of 660 billion VND to REE SE to invest in the solar rooftop project, a trade finance of 150 billion VND will be granted to REEPRO to support the import. equipment and other working capital needs.
Illustration. (Source: REE Corporation).
HSBC Bank Vietnam Limited and two subsidiaries of Refrigeration Electrical Engineering Corporation (REE Corporation – Code: REE), REE SE and REEPRO, have just signed a green credit agreement worth more than 800 billion dong.
In particular, HSBC will provide a long-term loan of VND 660 billion or REE SE to invest in a roof-mounted solar power project worth VND 1,000 billion. Accordingly, the company will install rooftop solar power systems at factories across the provinces to produce at least 80MW of solar power by the end of 2020.
A trade grant of 150 billion VND has been granted to REEPRO to support import of rooftop solar PV system installation equipment and other working capital needs of the company. The electricity generated will be sold to the Electricity of Vietnam (EVN) and roof lenders.
In recent times, REE Corporation has continuously received ‘huge’ credits for renewable electricity projects. Before that, in September, Vietcombank – Ho Chi Minh Branch and REE Corporation signed a contract to provide a credit of 1,360 billion dong to finance wind power plant project No.3 (48 MW) in Tra Vinh province.
Regarding business results, accumulated in the first 9 months, net revenue of REE Corporation reached 3,974 billion VND, up 11% but after-tax profit decreased 16% to 1,049 billion VND. Parent company EAT is 977 billion dong.
After 9 months, the business has achieved 65% of the profit target in 2020 (1,620 billion dong). EPS in the last 4 quarters is about 4,920 dong.
Source: vietnambiz.vn – Translated by fintel.vn
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