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Clifford Chance advises on green financing to establish Hong Kong's first food-grade ready plastics waste recycling facility

9 October 2019

Clifford Chance advises on green financing to establish Hong Kong's first food-grade ready plastics waste recycling facility

Leading international law firm Clifford Chance has advised HSBC on a financing for New Life Plastics Limited (塑新生有限公司), a joint venture of Swire Recycling Limited, ALBA Asia Plastics Recycling Limited and Baguio Waste Management & Recycling Limited, on the development, construction, operation and maintenance of a recycling plant for the processing of polyethylene terephthalate (PET) and high-density polyethylene (HDPE) waste in Hong Kong SAR. The plant will be the first food-grade ready plastics recycling facility in Hong Kong and is being built in EcoPark in Tuen Mun. The financing is independently verified by the Hong Kong Quality Assurance Agency (HKQAA) as adhering to the Green Loan Principles.

The team was led by partner Vicky Ma who was supported by associates Tianyi Xu and Sarah Wong.
Vicky said, "This has been an incredibly exciting transaction to be involved with as our team was able to draw on the firm's extensive green financing experience. The financing incentivises improved environmental performance and demonstrates Hong Kong's commitment to pioneering and promoting green finance."

Previous green financing deals include advising Bank of China on its five tranche, multi-currency US$3.03 billion green bonds and on China's first green covered bonds.