Maybank backs Thailand’s CP Group’s Altervim with green loan for solar push in Malaysia
The loan will fund rooftop solar installations at 28 Lotus’s Malaysia stores
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[KUALA LUMPUR] Maybank is financing the Malaysian debut of Charoen Pokphand Group’s (CP Group) renewable energy arm, Altervim, as the Thai conglomerate expands its clean-energy footprint across South-east Asia.
Maybank announced on Monday (Jun 23) that it is the sole bilateral lender for Altervim’s inaugural green loan, which will fund rooftop solar installations at 28 branches of hypermarket Lotus’s Malaysia.
The initial phase will deliver up to 20 megawatts of installed capacity, generating nearly 24.7 million kilowatt-hours of clean energy a year and offset 433,958 tonnes of carbon dioxide emissions throughout the projects’ life cycle.
The facility aligns with Maybank’s Sustainable Product Framework and supports its broader regional ambition to drive the energy transition across South-east Asia.
“We have a longstanding relationship with CP Group in the region and a shared vision of accelerating the transition to a low-carbon economy,” said John Chong, the group chief executive officer of global banking at Maybank.
“This partnership with Altervim also complements Malaysia’s push to increase renewable energy adoption,” he said.
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Altervim, which operates under CP Group’s extensive energy portfolio, is among several regional players tapping Malaysia’s growing demand for solar solutions as the country targets 70 per cent renewable capacity by 2050.
Altervim chief financial officer Borvorn Pienpongpanich said that Malaysia is a key growth market for the company and the green financing will help to accelerate carbon savings and reduce energy costs for its clients.
The financing facility adds to Maybank’s growing portfolio of sustainable finance.
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As at the first quarter of 2025, the bank had mobilised nearly RM125.5 billion (S$37.8 billion) in sustainable finance, exceeding its RM80 billion target and well ahead of the original 2025 deadline.
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