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Clifford Chance advises on syndicated green term loan for REC Group

29 October 2019

Clifford Chance advises on syndicated green term loan for REC Group

Leading international law firm Clifford Chance advised Crédit Agricole CIB as mandated lead arranger, bookrunner and as green structuring advisor on the US$150 million syndicated term loan facility for the financing of eligible green projects in line with the REC Group Green Loan Framework, which is in line with the Green Loan Principles published by APLMA, LMA and LSTA. This alignment was assured by an independent third party.

Partner Edith Leung advised on the deal and was supported by associate Anthony Chan and trainee solicitor Saad Soomro.

Edith said, "We are very honoured to be in a position to contribute to the growing green loan market in the region and to support environmentally sustainable economic activities through our legal expertise."

Earlier this month, the Finance practice advised on Hong Kong's first food-grade ready plastics waste recycling facility, adding to its strong portfolio of green financing deals.

REC Group is an international pioneering solar energy company with a Scandinavian heritage and a strong footprint in North America, Europe and Asia. REC is dedicated to bringing clean solar energy to everyone via its reliable and high-end products, like the recently launched REC Alpha Series, which is the world’s highest power 60-cell solar panel. The company is headquartered in Norway, with manufacturing facilities in Norway and Singapore. As of 2020, REC will increase its capacity to produce 1.8 GW of high-efficiency solar panels annually.