First Eastern’s participation involves both a direct investment in SDCL, as well as the establishment of a 50/50 joint venture to expand the banks activities Asia.
As part of the deal, Victor Chu, Chairman and CEO of First Eastern, has joined SDCL’s Board.
The new joint venture, SDCL Asia, will be based in Hong Kong and will leverage the regional expertise of First Eastern to strengthen the services it provides to clients.
For First Eastern, its investment in SDCL represents a continuation of its strategy of investing in mid-sized British companies with proven products and services and helping them to expand into Asia’s fast growing markets.
Headquartered in London with office in Hong Kong and New York, SDCL specializes in providing financing and advisory services to sustainable development companies including those involved in renewable energy, transport, water and other sectors.
“SDCL's core investment thesis based on resource efficiency is more compelling than ever in a world of scarce resources and uncertainty in global markets," said Jonathan Maxwell, Founding Partner and CEO of SDCL.
"Efficiency and productivity gains are both a source of significant competitive advantage and an answer to environmental challenges and resource constraints," Maxwell continued. "The growth markets of Asia offer exciting opportunities for investors. SDCL’s business in Asia has been expanding rapidly, particularly with regards to developing and financing energy efficiency projects, providing advice to government and working with investors."
Victor Chu, Chairman and CEO of First Eastern Investment Group, agreed, adding, "At a time when the world’s population has reached 7 billion people, the issue of sustainable development is pivotal in the minds of policy makers worldwide.
"'Creativity in sustainability' is the key to unlocking many structural barriers in our daily environmental challenges and to identifying the growth industries of the future," Chu said. "SDCL has built an excellent reputation in the field of sustainable development projects. Its focus on energy efficiency addresses an urgent need for capital and expertise in a market that represents potentially the largest and cheapest source of clean energy and greenhouse gas emission reductions."
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