Orient Cable (NBO), a Chinese power cable specialist, has commenced the construction of its Southern Manufacturing Base in Yangjiang, Guangdong. The facility covers 170,000 mm2 and represents an investment of over €136 million.
According to Orient Cable, it has been designed to cater to both the renewable energy development in southern China and the international market. With the completion of the base, it will be able to ramp up its production of HVAC/DC subsea cables and dynamic cables.
To remind, Orient Cable announced its commitment to the Science Based Targets initiative (SBTi) in May 2022 by setting targets to reduce greenhouse gas emissions.
In terms of near-term targets, NBO committed to achieving scope 1 and 2 targets that are in line with a 1.5°C trajectory by 2030, in addition to its existing 2050 Net Zero ambition.
The company in July secured an RMB 200 million (around €29.5 million) compliant green loan facility from HSBC Bank, affirming its efforts and commitments to the SBTi.
In September 2022, HSBC Bank in Vietnam also made another significant green financing deal by arranging a green loan for Viettel IDC, Vietnam’s largest data center service provider. With a loan facility worth $16.9 million (VN400 billion) and a five-year period, Viettel had the chance to have access to HSBC services.
The green financing agreement refers to the move that emphasizes how both organizations have a common objective for sustainable development, carbon neutrality.
