ImpactAlpha, August 28 — CME Solar Investments, a Vietnamese investor and developer of rooftop solar, has secured a long-term senior loan from ResponsAbility to finance commercial and industrial solar projects for power purchasers like Foxconn and LG.
A recent project, the Foxconn Solar Project, has a generation capacity of 31.5 megawatts and could save up to 20,000 tons of carbon each year. Vietnam, one of the world’s largest consumers of coal, aims to phase out coal completely by 2050.
ResponsAbility says the loan in CME Solar is its “most substantial” investment in climate finance to date. Switzerland-based ResponsAbility was acquired by UK-based M&G early last year to meet “the massive unmet demand in developing countries and the need for climate finance,” said ResponsAbility’s Rochus Mommartz. CME Solar secured a $12 million loan from ResponsAbility in 2021.