CIMB invests $23.85m to finance renewable energy for Malaysian SMEs

It will provide SMEs 100% funds to install solar photovoltaic systems.

CIMB Bank Berhad has invested $23.85m (RM100m) to provide micro and small Malaysian SMEs renewable energy financing, according to a press release.

The programme is part of CIMB’s $3.58b (RM15b) SME allocation for 2019–2020 and its sustainability commitment.

The programme will provide SMEs with 100% financing to cover the cost of solar photovoltaic (PV) systems and its installation on their rooftops. The financing initiative offers packages from as low as $4,770 (RM20,000) up to $240,000 (RM1m), in accordance with the government’s Net Energy Metering (NEM) scheme.

To avail of the programme, SMEs need to first obtain a NEM approval from SEDA.

On 30 September, CIMB successfully priced its $680m (RM2.85b) SDG bond, the proceeds of which will be channeled to sectors that are part of the UN’s Sustainable Development Goals.

CIMB Group also launched its Group Sustainability Policy and Sustainable Financing Policy to ensure positive EES impact on operations and lending policies. Furthermore, CIMB is one of 30 founding member banks and the only ASEAN banking group that helped draft the UNEP-FI’s Principles of Responsible Banking, currently supported by 130 signatory banks globally.