30 Sep Grand City Investment Limited provided $50m trade finance facility to CNTIC
Grand City Investment Limited provided $50m trade finance facility to CNTIC
The facility will be used for a electricity generation project in rural Myanmar.
Grand City Investment Limited (Hong Kong) has provided a $50m account receivable purchase facility to China National Technical Import & Export Corporation (CNTIC) for the construction of a gas-fired power generation project in Myanmar, according to a company announcement.
Grand City Investment Limited ( www.grandcityinvestment.com ) is a Licensed Money Lender that was incorporated in Hong Kong in 1984 under the Money Lenders Ordinance (Chapter 163 of the laws of Hong Kong).
Grand City Investment Limited are the premier providers of Trade Finance, Recourse Loan, Non Recourse Loans, Insurance, Investments, Wealth Management, Portfolio Management, Trade Platforms, Private Placement Programs as well as the issuance and monetization of Bank Instruments such as Standby Letter of Credit (SBLC), Bank Guarantees (BG), Usance LC, Letters of Credit, Differed Letters of Credit and project Funding.
Backed by China Export & Credit Insurance Corporation, the mid-tenor facility is supporting a 90MW plant located in Myingyan township, in the Mandalay region. The power plant is developed and operated by Hong Kong-based VPower under a 5-year power purchase agreement with Electric Power Generation Enterprise (EPGE) of Myanmar.
For this project, owner and operator of distributed power stations in Myanmar, VPower spearheaded initiatives to improve the quality of life within the local community, such as creating job opportunities and repairing of community infrastructure.
CNTIC has been appointed as engineering, procurement, and construction (EPC) contractor for this project, which entered into commercial operations in February 2019 and will generate a minimum of 630GW hours of electricity per year.
Through a long-term partnership, CNTIC and VPower have established a solid track record in executing power projects on an expedited basis.