SOUTH-EAST ASIA (VnExpress/Vietnam News): Singapore's DBS Bank has agreed to finance green hydrogen projects developed by Hong Kong utility Towngas, chaired by billionaire brothers Peter and Martin Lee.
DBS Bank's Hong Kong subsidiary signed a memorandum of understanding with The Hong Kong and China Gas Company (Towngas) on Oct. 30 to provide loans for hydrogen production and other clean energy projects.
The agreement marks Hong Kong's first financing initiative dedicated to local green hydrogen projects, according to a joint announcement by the two companies.
The financing will support projects that meet the Hong Kong Monetary Authority's sustainable finance standards, including a facility that will convert gas from landfill waste into hydrogen.
Towngas is co-chaired by brothers Peter Lee Ka Kit and Martin Lee Ka Shing, whose family ranked second on Forbes' 2026 list of Hong Kong's wealthiest, with a combined fortune of $34.9 billion.
Their father, property tycoon Lee Shau Kee, founded Henderson Land Development and died in March 2025 at age 97, leaving behind a business empire spanning real estate, utilities and other investments. The brothers also serve as co-chairmen of Henderson Land, a major shareholder in Towngas.
Among the projects covered by the financing initiative is Hong Kong's first green hydrogen production facility at the South East New Territories Landfill Extension in Tseung Kwan O.
The facility will use biogas generated by decomposing landfill waste to produce hydrogen, which can be used as fuel or to generate electricity. Scheduled for completion in the first quarter of 2027, the facility is expected to produce approximately 300 kilograms of hydrogen per day.
Beyond the landfill facility, Towngas is participating in hydrogen trials involving electric vehicle charging, temporary electricity generation at construction sites and power supplies for large events. These initiatives support Hong Kong's efforts to develop alternative energy sources and achieve carbon neutrality before 2050, Towngas said.
DBS, Southeast Asia's largest bank by assets, said it is supporting low-carbon projects across Asia through sustainable financing, risk management and advisory services.
Boris Chan, managing director and head of institutional banking at DBS Hong Kong, said technological innovation and financing were both essential to helping emerging clean energy projects expand. -- VnExpress/Vietnam News
