Acuity Funding CEO, Mr Ranjit Thambyrajah, has signed off on a $US6.4 billion funding arrangement with the Tin Thanh Group (TTG) of Vietnam to facilitate the completion of multiple global-scale emissions-reducing projects.
The collaboration, confirmed with a public signing ceremony, will enable TTG to complete the following:
- Circa $US1 billion to develop four biomass power plants and thousands of hectares of sorghum cultivation in Central and South Vietnam;
- Circa $US1.7 billion for TTG to build a tyre retread and truck service plant in South Carolina to serve over one million trucks in the US with the goal of reducing emissions, saving costs and transitioning to green energy. TTG has been granted land and support from the state of South Carolina with incentives worth over $US500 million.
- Circa $US3.7 billion to build a Green Hydrogen manufacturing facility in South Carolina.
The projects have the approval and support of both Vietnamese and US authorities and many patents have been registered. The projects are underpinned by highly practical business models and technologies that can be applied on a global scale.
Business activity from the projects will increase annual trade between Vietnam, Australia and the US to hundreds of billions of US dollars and bring bilateral benefits including the exchange of technology, capital and labor for projects in the three countries, with the potential for global expansion.
The historic signing ceremony marked the largest cross-border trade transaction between Vietnam, the US and Australia, with substantial interest from South Korea and India, whose government representatives attended the ceremony.
The event represented the foundation for the export of breakthrough technologies, inventions, IP and products from Vietnam and Australia into advanced fields at the forefront of development trends in environmental protection, emission reduction, clean energy and cost savings.
Acuity Funding has arranged and managed the supply of capital for this breakthrough deal, cementing Acuity’s place as one of the largest fund arrangers in the Asia Pacific with current projects across 20 countries.
Acuity Funding’s status as a non-supervised member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) gives it the capacity to arrange and manage hundreds of billions of dollars for large-scale projects.
It is one of the very few organisations capable of arranging cross-border funding and managing international debt.
Acuity is leading the export of investment and services from Australia and will be introducing Hydrogen Technology from Australia into the mix.
Acuity Funding and TTG have a long-term working relationship and have completed a due diligence process to reach a confirmation of the legally binding Funding Approval that provides funds for execution.
The Australian Ambassador to Vietnam, Mr Andrew Goledzinowski said: “I congratulate Acuity Funding and Tin Thanh Group on concluding this pioneering deal. Unlocking green financing is a key challenge in Vietnam. So it is great that an Australian company like Acuity has decided to partner with Vietnam, including through sharing Australian technology for sustainable development. I also wish TTG every success as they pursue innovative and ambitious projects, at home and abroad, aimed at moving Vietnam’s economy up the value chain and towards a high-income future.”
The signing ceremony for funding approval also included speeches by representatives of the US Embassy,
Indian Consul General and Australian Acting Consul General.
Contact Acuity to find out more about its innovative approach to arranging funding for global-scale projects.