CLP Power, Far East Consortium secure sustainability-linked loan

The loan was issued by the Hong Kong Branch of the Bank of Communications.

CLP Power helped Far East Consortium (FEC) International to secure its first five-year sustainability-linked loan to accelerate sustainable development in the hotel business in Hong Kong through energy conservation and carbon emissions reduction.

In a statement, CLP Power said it conducted an energy audit at FEC’s Silks Seaview Hotel and advised the hotel to switch to a more energy-efficient smart lighting and air-conditioning system.

It also recommended switching to an electric heat pump water system and installing smart air conditioning devices in all guest rooms.

These measures can help the hotel save around one gigawatt-hour of electricity annually, it said.

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“CLP Power is committed to helping customers improve their energy efficiency, and we are delighted to have helped FEC obtain its first sustainability-linked loan, which will open up more new opportunities for energy conservation and carbon emissions reduction,” said CLP Power Senior Director of Customer Success and Experience Lena Low.

“We will continue to draw on our energy expertise to provide more diversified energy management solutions to support the development of the green finance ecosystem, and accelerate the long-term low-carbon transformation of the hotel industry in order to support Hong Kong’s goal of achieving carbon neutrality by 2050,” she added.

The recommended solutions by CLP Power were accepted as the sustainability performance targets for the loan. To meet the targets, FEC is working on a five-year energy conservation and emission reduction plan. It targets to cut the energy intensity of the hotel building by 3% to 5% annually.