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Calvert to build new electric arc furnace for steel sheet manufacturing in Alabama 17 Mar 2021 | Michael Marray Japan Bank for International Cooperation (JBIC) has signed a US$465 million loan agreement with AM/NS Calvert, a US-based joint venture between Nippon Steel Corporation and Luxembourg-based ArcelorMittal. The loan is co-financed with Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to US$775 million. The loan is intended to provide the funds required by Calvert to build a new electric arc furnace (EAF) for its steel sheet manufacturing and sales business in Alabama. The United States is the world’s second-largest consumer of steel products. It has a stable demand for steel products for automobiles, including from Japanese manufacturers, infrastructure and other purposes, JBIC says. ....
Vast potential of country’s digital industry remains largely untapped, says venture capital firm 15 Mar 2021 | Tom King Indonesia, Southeast Asia’s largest economy, and also its most populous nation, launched its own sovereign wealth fund last month. The Indonesia Investment Authority (INA) was inaugurated with US$1.1 billion startup capital from the Indonesian government and is expected to receive a further shot of US$5.4 billion from the country’s 2021 budget. The INA will be a strategic partner for domestic and international investors and is initially expected to focus on infrastructure developments. In Indonesia, old fortunes were built in sectors such as oil and gas, minerals, crude palm oil, rubber products and manufacturing. But according to Jakarta-based Chandra Tjan, co-founder and general partner at Southeast Asia venture capital firm Alpha JWC Ventures, venture capital will be the new wealth creation vehicle in the next five years. ....
Facility part of nation’s push to achieve self-sufficiency in clean energy 10 Mar 2021 | The Asset Mitsubishi UFJ Financial Group’s banking subsidiary in Malaysia, MUFG Bank (Malaysia), announced that it acted as mandated lead arranger and sole green structuring adviser for a 342 million ringgit (US$83 million) syndicated financing facility for the development of a 100-megawatt (MW) solar plant located in Perak, Malaysia. The deal, MUFG s second solar transaction in Malaysia, achieved financial closure in December 2020 and reaffirmed the bank’s commitment to supporting the country’s renewable energy development goals. The Kerian solar plant, named after a district in northwestern Perak state, is commissioned by a consortium comprising local power company TTL Energy and ENGIE Asia-Pacific, the regional arm of the French multinational energy company Engie, which was one of the successful bidders under the third cycle of the large-scale solar scheme int ....
Singapore’s role in the future of capital As investors seek new pockets of opportunities in new asset classes, they are also reassessing their responsibilities, forging new investing approaches and accelerating innovation centred on building more resilient, inclusive and sustainable economies 8 Mar 2021 | Steven Yankelson Asia is poised for a surge in capital and investment diversification as the region resets following the Covid-19 pandemic and new investor playbooks reshape the future of capital. As a major regional asset management hub, Singapore can play a key role in ensuring that reset benefits economies and society for the longer term. As investors seek new pockets of opportunities in new asset classes, they are also reassessing their responsibilities, forging new investing approaches and accelerating innovation centred on building more resilient, inclusive and sustainable economies. ....
Deal with consortium led by Masaveu expected to close in second half 3 Mar 2021 | Michael Marray China Three Gorges is back on the acquisition trail in Spain, reaching an agreement to buy a 400MW solar and wind portfolio from a group of private investors. The move comes only six months after China Three Gorges Europe (CTGE) made its first-ever direct investment in Spanish renewables, buying a 572 MW solar power portfolio from X-Elio, owned by KKR and Brookfield. The sellers in the latest deal are a consortium led by family-owned Spanish company Corporacion Masaveu. According to reports, CTGE will acquire 100% of the portfolio, which comprises facilities that are already in operation, for around 500 million euros (US$601.85 million). The portfolio contains one solar photovoltaic (PV) park and 11 wind farms, all operating under a regulated payment mechanism. ....