Hong Kong-based renewable energy developer Asia Clean Capital Ltd. has received $40 million from Goldman Sachs Group Inc. to accelerate and expand its rooftop solar solutions business.
As part of its rooftop solar business model, ACC invests 100% of the project costs and provides the design, engineering, equipment, government approvals, installation and long-term maintenance of the solar systems for other companies.
Electricity generated through ACC's solar installations is provided to clients at agreed prices lower than local power grid rates. ACC's project sites are typically large production facilities with electric demand ranging between 1 MW and 20 MW.
ACC said it would use Goldman Sachs' financing facility to assist multinational and leading domestic companies in the automotive, consumer goods, food and beverage, healthcare, manufacturing and technology industries to plan and execute solar programs.
The financing signifies a substantial vote of confidence in the future of ACC and also in the fundamentals of the rooftop solar industry in China," said ACC CEO Thomas Lapham. Some of the world's largest and most important corporations rely on ACC's solar solutions. Goldman Sachs' backing will further ensure that we can continue to enhance our product offerings to meet and exceed their high standards."
"Goldman Sachs has a long-standing commitment to clean energy with a target to finance and invest $150 billion by 2025, said Kyung-Ah Park, a managing director and head of the Environmental Markets Group at Goldman Sachs.
Through this facility with Asia Clean Capital, we are able to help expand access to rooftop solar solutions and contribute to China's goals of accelerating renewable energy deployment."
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