Maybank backs Thai's CP Group's Altervim with green loan for solar push in Malaysia
Maybank announced on Monday (Jun 23) it is the sole bilateral lender for Altervim's inaugural green loan, which will fund rooftop solar installations at 28 Lotus' Malaysia stores.
The initial phase will deliver up to 20 megawatts of installed capacity, generating nearly 24.7 million kilowatt-hours of clean energy a year and offset 433,958 tons of carbon dioxide emissions throughout the projects' life cycle.
The facility aligns with Maybank's Sustainable Product Framework and supports its broader regional ambition to drive the energy transition across Asean.
'We have a longstanding relationship with CP Group in the region and a shared vision of accelerating the transition to a low-carbon economy,' said John Chong, group CEO of global banking at Maybank.
'This partnership with Altervim also complements Malaysia's push to increase renewable energy adoption,' said Chong.
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Altervim, which operates under CP Group's extensive energy portfolio, is among several regional players tapping into Malaysia's growing demand for solar solutions as the country targets 70 per cent renewable capacity by 2050.
Altervim chief financial officer Borvorn Pienpongpanich said Malaysia is a key growth market for the company and the green financing will help to accelerate carbon savings and reduce energy costs for their clients.
The financing facility to Altervim is structured according to Maybank's Sustainable Product Framework, and adds to Maybank's growing portfolio of sustainable finance.
As at the first quarter of 2025, the bank had mobilised nearly RM125.5 billion (S$37.8 billion) in sustainable finance, exceeding its RM80 billion target well ahead of the original 2025 deadline.
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DPM Gan noted that despite the challenges for Singapore firms in India, he had a positive outlook of India. He said the two countries 'can leverage on the understanding and trust' built over the years to forge a way forward. 'I think I'm quite happy with the progress we have made so far because of the understanding and trust that we have built over the last 60 years between the two countries, between the two leaders, and between the two governments at the minister level and at the business level.'
