|By PR Newswire||
|December 19, 2013 01:18 AM EST||
SINGAPORE, Dec. 19, 2013 /PRNewswire/ -- FMO, PROPARCO, and Sindicatum Sustainable Resources today announced the signing of a USD30 million mezzanine facility agreement with a 7-year maturity. The funding will be used to grow Sindicatum's bio-waste-to-energy and landfill gas-to-energy projects in India, Thailand, the Philippines and Indonesia.
Sindicatum Sustainable Resources is an award-winning developer, owner and operator of clean energy projects that reduce greenhouse gases and produce sustainable resources (clean energy, biogas, water and physical commodities) and environmental commodities. The company was founded in 2005 and operates 152 MW of clean energy projects in Asia with established business units in Bangkok, Jakarta, Manila, New Delhi, Singapore, Beijing and Taiyuan (Shanxi Province, China). To date, Sindicatum has committed more than USD400 million to greenhouse gas reduction and sustainability projects.
The FMO and PROPARCO financing will support the development of Sindicatum's rapidly growing portfolio of clean energy assets. At the core of Sindicatum's track record is its proven ability to identify, develop, invest, finance and operate small-scale, socially responsible, and environmentally friendly renewable energy projects in its target markets of South and South-East Asia.
Nanno Kleiterp, Chief Executive Officer of FMO said: "We are very pleased to have concluded this financing with PROPARCO and Sindicatum, especially as it will allow the development of small-scale renewable energy utilising waste and will contribute to accelerating the low-carbon transition of Asian economies. Via our investment in Sindicatum, we can back a sustainability champion generating positive development effects as well as profits. At the same time, we are furthering our objective of doubling the impact of our funding while halving our portfolio's footprint."
Claude Periou, Chief Executive Officer of PROPARCO said: "We are delighted to finance the continued expansion of Sindicatum's clean energy businesses in South East Asia. There are large scale opportunities in developing countries to leverage biomass and waste to energy technologies to produce affordable and environmentally sustainable power. To date very few players have successfully implemented projects in this field, Sindicatum being one of the rare exceptions. We are clearly pleased to support their efforts which we fully expect will bring significant social and environmental benefits to their project host countries."
Assaad Razzouk, Chief Executive Officer of Sindicatum, said: "This transaction has taken place in an environment where climate change stakes have reached alarming heights. As a result of the failure to bring greenhouse gasses under control, scientists reported this year that the amount of carbon dioxide in the atmosphere surpassed a level we have not seen for 3 million years. At Sindicatum, we want to accelerate our development of profitable clean, distributed energy projects in emerging markets perennially short of fossil fuels, to contribute as much as we can to the fight against climate change, while providing the clean energy to support economic growth in our key countries."
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks. www.fmo.nl.
Press contact: Paul Hartogsveld, Communications Officer (PR)
PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa and Asia, and has a core focus on social and environmental responsibility. www.proparco.fr
Sindicatum is an award-winning developer, owner and operator of clean energy projects that reduce greenhouse gases and produce sustainable resources (clean energy, biogas and physical commodities) and environmental commodities. Sindicatum has established business units in Bangkok, Beijing, Jakarta, Manila, New Delhi, Singapore, Taiyuan (Shanxi Province, China) and Washington D.C. To date, Sindicatum has committed more than $400m to greenhouse gas reduction and sustainability projects, 90% of which are in Asia. Sindicatum is a leading member of the Project Developer Forum, the Climate Markets & Investors Association (CMIA) and theAssociation for Sustainable & Responsible Investment in Asia (ASRIA), where it is focused on promoting sustainable climate finance and responsible investments.
Press contact: Assaad W. Razzouk, CEO
SOURCE Sindicatum Sustainable Resources