Concord New Energy strikes $158.5m leaseback deal with industrial bank

The lessee will make quarterly lease payments under a floating interest rate.

Concord New Energy Group Limited (CNE) has entered into a finance lease arrangement with Industrial Bank Financial Leasing involving the purchase and leaseback of energy assets worth about $158.5m (RMB840m).

The group said in a Singapore Exchange filing that Industrial Bank Financial Leasing will purchase the leased assets from Fengning Manchu Autonomous County Juting New Energy Development Co., Ltd., a wholly owned subsidiary of CNE, and lease them back for 14 years.

The lessee will make quarterly lease payments under a floating interest rate set at the market rate minus 0.25 percentage points.

Total lease payments are estimated at about $195.7m (RMB1.04b), assuming a market rate of 3.5%.

The transaction falls under Chapter 14 of the Hong Kong Listing Rules and requires shareholder approval.

(SG$1 = RMB5.30)

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