AWC Green Loan

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Thailand’s leading hotel and commercial property company, Asset World Corp Public Company Limited (AWC or the company - https://www.assetworldcorp-th.com/) headquartered in Bangkok.  The company currently has 16 hotels with an aggregate of over 4,600 rooms, 10 retail centers and four office buildings. The assets are geographically diversified throughout Thailand but are featured in prime business and tourist locations in urban areas.  The proposed IFC investment is a green loan of up to THB4.5 billion (approximately US$137 million equivalent) to fund the following green building projects and working capital (the project):-          Green retrofit and refurbishment with energy efficiency technologies including rooftop solar for Hua Hin Marriott Resort and Spa and heat pumps for hot water for Intercontinental Hotel Chiang Mai and Melia Chiang Mai Hotel.-          Construction of two new greenfield hotels (JW Marriott Marquis Hotel Asiatique Bangkok and Innside Bangkok Sukhumvit)-          Working capital to support the gradual re-opening of AWC hotels following Covid-19-related temporary closuresJW Marriott Marquis Hotel Asiatique Bangkok (800 rooms) is planned for opening after 2024. Innside Bangkok Sukhumvit (208 rooms) is under construction, subject to an uninterrupted incident, generally the construction shall be completed within 36 months from the construction commencement date and will be operated by Melia Hotels International.AWC signed an MOU with IFC in February 2020 to adopt the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building standards and certification process across the group. AWC will be the first company in Thailand to develop projects in accordance with EDGE standards which required to achieve a 20% efficiency gain in water and energy use, as well as other energy saving and environmental conservation measures in the development and operation of the properties.