The largest South Korean lender, Kookmin Bank, announced that it will join other international financial institutions in a $840 million syndicated loan package to finance a solar power project.
|Kookmin Bank will take part in the financing of a solar project by ECP. Photo: KB Kookmin Bank, Hanoi Branch |
Accordingly, Kookmin Bank will contribute roughly $100 million as part of the total syndicated loan of around $840 million to a solar project led by US energy infrastructure-specialised firm ECP.
Other lenders participating in the loan package include Germany-backed Deutsche Bank, French bank BNP Paribas, and Netherlands-based ING Bank.
ECP is borrowing the syndicated loan for the first phase of the project to build a solar power generator with a capacity of 1,188MW and an energy storage system with a capacity of 2,165MW per hour in California, according to The Korean Economic Daily.
Once completed, the power generator will become the largest solar farm in North America, in line with the state of California's goal of making a complete transition to renewable energy by 2045.
Kookmin Bank is also operating in Vietnam, starting with its Hanoi branch. Last year, the Ho Chi Minh City branch of the State Bank of Vietnam issued License No.418/GP-HCM on the establishment of a foreign bank branch for Kookmin Bank in the city with a charter capital of $100 million.
The bank's securities subsidiary, KB Securities, is currently among one of the most active brokerages in Vietnam.