PETALING JAYA: Malayan Banking Bhd (Maybank) has extended financing to Sinohydro Corporation, a subsidiary of Power Construction Corporation of China (PowerChina), for an engineering, procurement and construction project to construct offshore wind power farms of Ca Mau 1 Wind Power Project in the southern-most province of Vietnam.

The total installed capacity of Ca Mau 1 is expected to be 350MW, and the project is divided into four phases, namely 1A, 1B, 1C and 1D. Upon completion, it will be the largest offshore wind power farm in Asean.

At the construction stage of 1A and 1B, Maybank provided US$38.2 million (RM165.7 million) for export bills discounting under letters of credit.

Maybank global banking Group CEO Datuk John Chong said, “Cross-border trade and investments between China and Vietnam continue to intensify. In 2023, China was Vietnam’s top foreign direct investor and trading partner, accounting for 25% of both Vietnam’s total registered investments and trade done. Maybank is strategically positioned to facilitate these transactions with our offering and presence in China and all 10 Asean markets.

“We also want to be at the centre of our clients’ transition journey. Maybank has launched a Transition Finance Framework, the first of its kind in Asean, to assist transitioning clients in brown industries to green. Our regional leadership in sustainability is aligned with fulfilling our mission of Humanising Financial Services.”

Maybank Greater China CEO and country head Felino James Marcelo said, “Chinese state-owned and private-owned enterprises are diversifying into Asean to seek new growth opportunities as intra-Asia trade and investment flows continue to expand. Within these opportunities, we see demand for green and renewable energy projects as investors strive to establish sustainable infrastructure assets in Asean countries.”

Cumulatively, from 2021 to end June 2024, Maybank as a group has mobilised RM83.2 billion, exceeding its 2025 target of mobilising RM80 billionin sustainable finance