SP Group inks strategic alliance with CMB Financial Leasing Co., Ltd. to finance renewable energy solutions investments in China

Media Release


Scale expected to reach SGD $1.53 billion in the next three years


Singapore, 8 May 2024 – SP Group (SP) announced that it has entered a strategic alliance with CMB Financial Leasing Co., Ltd., via SP’s wholly-owned subsidiary, Shirui Energy Technology (Shanghai) Co., Ltd. Under this partnership, CMB Financial Leasing Co., Ltd. will provide competitive financing services to support SP Group’s deployment of renewable energy solutions in China.


The scale of the cooperation between SP and CMB Financial Leasing is expected to reach up to RMB ¥8 billion (approximately SGD $1.53 billion) in the next three years, focusing on SP’s target cities and projects. These projects include utility scale solar farms, distributed solar photovoltaic (PV), energy storage, and district cooling and heating.


SP will gain access to CMB Financial Leasing’s range of products and financial advisory services, and efficient approval process that far exceeds the industry average. This will improve the SP’s asset liquidity and optimisation of its asset structure.

Ms Loong Hui Chee, Chief Financial Officer, SP Group, said, “SP Group is committed to empower a clean energy future for China through our investments in renewables and energy efficiency projects. We are pleased to partner CMB Financial Leasing and engage their financing expertise to support the expansion of our investment footprint across over 18 provinces and municipalities. We look forward to working with like-minded financiers in our long-term commitment to advance the clean energy transition.”


Mr Zhang Cheng, Party Secretary of CMB Financial Leasing Co., Ltd., said, “CMB Financial Leasing is committed to becoming a leading financing partner for the energy infrastructure sector, supporting global clean energy development through the provision of innovative financing solutions. Our strategic partnership with SP Group is our first collaboration with an energy solutions company under a foreign sovereign wealth fund and marks a significant milestone for the entire industry.”


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About SP Group


SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand and Vietnam. 


As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective worldwide. 


Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region. 


For more information, please visit spgroup.com.sg or follow us on Facebook at spgrp.sg/facebook, LinkedIn at spgrp.sg/linkedin and Instagram at spgrp.sg/Instagram.


About CMB Financial Leasing Co., Ltd.


[CMB Financial Leasing Co., Ltd. (“CMB Financial Leasing”) is a wholly owned subsidiary of China Merchants Bank. Established in 2008, CMB Financial Leasing had a registered capital of RMB 12 billion. CMB Financial Leasing adheres to the management and service concept of ‘We are here just for you’. It is a customer-centric approach to the provision of leasing services, relying on the timely understanding of customers’ needs and consistent improvement in its offerings. CMB Financial Leasing currently provides financial solutions for ten industries, including aviation, shipping, energy, infrastructure, equipment manufacturing, environment, health and culture-oriented tourism, public transport and logistics, intelligent interconnection and integrated circuit, and financial leasing companies.]