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ADB provides $116mn loan to develop wind farms in Vietnam

ADB provides $116mn loan to develop wind farms in Vietnam

Friday, May 28, 2021, 15:57 GMT+7
ADB provides $116mn loan to develop wind farms in Vietnam
The construction site of the Loi Hai 2 wind power plant in Ninh Thuan Province, Vietnam. Photo: Tuoi Tre

The Asian Development Bank (ADB) has signed a deal with three Vietnamese power companies to provide them with a US$116-million green loan to build and operate three 48-megawatt (MW) wind farms, totaling 144 MW.

The three borrowers are Lien Lap Wind Power Joint Stock Company, Phong Huy Wind Power Joint Stock Company, and Phong Nguyen Wind Power Joint Stock Company, which are owned by Power Construction Joint Stock Company No.1 (PCC1) and RENOVA, Inc.

The loan is part of a $173-million green loan project financing package arranged and syndicated by the ADB as the mandated lead arranger and book runner and marks the lender’s first time financing wind power projects in Vietnam.

It is certified by the Climate Bonds Initiative, which administers the international Climate Bond Standard and Certification Scheme.

The ADB loan comprises a $35-million A loan directly funded by the lender and an $81-million syndicated B loan.

According to the ADB, the three wind farms, to be constructed in central Quang Tri Province, will generate an average of 422 gigawatt-hours of electricity and avoid an average of 162,430 metric tons of carbon dioxide emissions annually.

The projects are expected to increase Vietnam’s wind power capacity by 30 percent, helping the country meet its rapidly growing demand for energy.

PCC1 is one of the largest power developers in Vietnam, specializing in the construction of power transmission networks and substations, while RENOVA is a Japanese renewable energy developer and operator.

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