TEESS, a joint venture company established by TotalEnergies and Envision Group, has secured the first part of a total $80 million non-recourse debt for a 170 MW solar portfolio in China. This is the first international non-recourse financing undertaken in China’s renewable sector. The lenders of the project include BNP Paribas, Natixis, Société Générale and Crédit Agricole Corporate and Investment Bank.

This is China’s first green financing project in the commercial and industrial (C&I) segment in the solar sector. Sustainalytics, an environmental, social, and corporate governance rating company, has certified the green loan, making it the first green loan to be certified in China. The deal is expected to pave the way for financing further such projects in China.

TEESS was established in 2019 by TotalEnergies and Envision to develop on-site distributed generation solar projects for B2B customers in China. It has 140 MW of operational projects, with a target portfolio of over 500 MW of projects in operation over the span of the next two years. The venture also invests in digitization and pilot projects on solar and behind-the-meter energy storage solutions.

With the financing, TEESS is expected to play a more active role in green investment projects in the future and continue to promote China’s zero-carbon economic transformation.