Sydney-based commercial finance provider Acuity Funding and Tin Thanh Group on Monday concluded a deal in which the former would provide US$6.4 billion for the latter's green projects in Vietnam and the U.S..
As per the deal, Acuity Funding will pour $1 billion into four biomass power plants and thousands of hectares of grain cultivation in the central and southern regions of Vietnam.
These facilities will be located in Da Nang City, Kon Tum Province, and An Giang Province, with a total capacity of 165MW.
Acuity Funding also pledged some $1.7 billion for the Vietnamese firm’s project to build a truck service and retreading factory in South Carolina, the United States.
The facility will serve over one million trucks in the U.S. to reduce gas emissions, save costs, and advance green energy transition.
The land for the project in South Carolina was already handed over to Tin Thanh Group.
Acuity Funding will also provide $3.7 billion for the group to develop a green hydrogen production facility in South Carolina.
Speaking at the signing ceremony, a representative of the U.S. Consulate General in Ho Chi Minh City said that the deal proved that Vietnam could contribute to global economic growth.
Tran Dinh Quyen, chairman and CEO at Tin Thanh Group, told Tuoi Tre (Youth) newspaper that the international finance provider pledges to accompany the firm’s circular ecosystem and to disburse the funding as scheduled.