Manhattan Resources’ Athena Energy gets US$14M loan from Swiss asset manager

Solar panels. Photo by CHUTTERSNAP on UnsplashSolar panels. Photo by CHUTTERSNAP on Unsplash

Athena Energy Holdings, which is wholly owned by Manhattan Resources, has received a US$14 million syndicated senior secured loan from responsAbility Investments AG, a Swiss sustainable asset manager, the companies said in a filing to SGX Wednesday. 

The funds, which will be via two climate finance funds managed by responsAbility, will be used to finance carbon emissions-reducing projects in Vietnam, the filing said, adding the financing is expected to save around 14,000 tons a year of carbon dioxide from entering the atmosphere. 

Athena Energy will use the funding to develop its pipeline of commercial and industrial (C&I) solar photovoltaic (PV) projects in Vietnam which supply electricity to industries including the garment, shoe and technology manufacturing and agricultural trading sectors, the filing said. 

“This transaction aligns with responsAbility’s goals to support and foster the growth of the development of the C&I segment in Southeast Asia, where local bank financing is generally not yet readily accessible for these projects,” the filing said.

Athena Energy has 4 megawatts of operating and around 30 megawatts of committed rooftop C&I solar projects in Vietnam, the filing said.

Alan Yau, CEO of Athena Energy said in the statement: “The successful closing of this loan will undoubtedly catalyse Athena’s growth trajectory in Vietnam and serves as a booster to an accelerated expansion of our footprint into the rest of South East Asia.”

“ResponsAbility’s recognition of our ability to meet their stringent requirements has affirmed our status as an international best practice renewable energy player and we look forward to working with them as we continue to grow our business in the region,” Yau said.

Athena Energy develops, owns and operates C&I and utility-scale projects and has an advanced pipeline of 1 gigawatt of renewable energy projects in Vietnam, Indonesia, the Philippines, Bangladesh and Australia, expected to begin construction in the next three years, the filing said.

Zurich-based responsAbility, an impact asset manager which designs investment products, has more than US$3.7 billion in assets under management, invested in more than 300 ESG-vetted companies across 76 countries, the filing said.

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