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TEESS, a 50:50 joint venture company established by <a href="https://www.googleadservices.com/pagead/aclk?sa=L&amp;ai=DChcSEwi2mIC1rsvyAhWGfCsKHZr6AOUYABAAGgJzZg&amp;ohost=www.google.com&amp;cid=CAASEuRojHjGdjI_sHiWPxGcnD0wbw&amp;sig=AOD64_2_UKynmo4PZThqMyfbxjU6o9gXqA&amp;q&amp;adurl&amp;ved=2ahUKEwit2ve0rsvyAhV8xzgGHWPmDXgQ0Qx6BAgCEAE" target="_blank" rel="noopener">TotalEnergies</a> and <a href="http://www.envision-group.com/en/" target="_blank" rel="noopener">Envision Group</a>, has announced the financial close for the first part of a total $80 million non-recourse debt for a 170 MW solar portfolio in China.
The lenders include <a href="https://group.bnpparibas/en/" target="_blank" rel="noopener">BNP Paribas</a>, <a href="https://www.societegenerale.com/en" target="_blank" rel="noopener">Société Générale</a>, <a href="https://www.natixis.com/natixis/en/home-j_6.html" target="_blank" rel="noopener">Natixis</a>, and <a href="https://www.ca-cib.com/" target="_blank" rel="noopener">Crédit Agricole Corporate and Investment Bank</a>.
The lending marks the first international non-recourse project financing in China&#8217;s renewable sector. It is also the country&#8217;s first green financing project in the commercial and industrial (C&amp;I) segment in the solar sector.
TEESS said this was also the first green loan in China to be certified by a third party, <a href="https://www.sustainalytics.com/" target="_blank" rel="noopener">Sustainalytics</a>, an environmental, social, and corporate governance rating company.
&#8220;Based on our corporate mission and strategic goals, we have built an open and transparent business operation system. Adhering to the principle of sustainable development, we hope to play a more active role in green investment projects in the future, continue to promote China&#8217;s zero-carbon economic transformation, and create long-term sustainable value for the environment, society, and enterprises,&#8221; said Sun Jie, CEO of TEESS.
Established in 2019 by TotalEnergies and Envision, it was launched to develop on-site distributed generation solar projects for B2B customers in China.
TEESS has 140 MW of projects in operation and targets a portfolio of over 500 MW of projects in operation in the next two years. It also invests in digitization and pilot projects on solar and behind-the-meter energy storage solutions. TEESS will offer its clients a combination of distributed solar energy systems and digital solar energy solutions running on Envision&#8217;s AIoT Operating System EnOS™.
Commenting on the closure Shalen Shivpuri, Co-Head of Loans and Specialized Finance, APAC at BNP Paribas, said, &#8220;Distributed solar projects tend to be individually small-scale and therefore uneconomical to finance separately, but in this case, we were able to offer an innovative structure to fund this portfolio of rooftop solar projects on a non-recourse basis. This deal is expected to pave the way for financing further such projects in China.&#8221;
Recently, TotalEnergies had <a href="https://mercomindia.com/totalenergies-consolidated-net-income-up/" target="_blank" rel="noopener">announced</a> the results for the second quarter (Q2) of 2021 and the first half (1 H) of 2021. The company&#8217;s consolidated net income stood at $2.29 billion for Q2 2021, increasing by 127% compared to a loss of $8.42 billion during Q2 2020. For 1H 2021, the consolidated net income rose 167% with $5.71 billion, compared to a loss of $8.42 billion during the same period the previous year.
In January this year, Total <a href="https://mercomindia.com/total-to-acquire-20-stake-in-adani-green/" target="_blank" rel="noopener">acquired</a> a 20% minority interest in Adani Green Energy for an investment of $2.5 billion.

TotalEnergies, Envision JV Secures $80 Million for a 170 MW Solar Portfolio in China

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