ADB funds USD 107 million for developing wind energy in Vietnam

The Asian Development Bank (ADB) has signed a USD 107 million deal with BIM Wind Power Joint Stock Company (BIM Wind) to assist the operation of an 88 MW wind farm in the south central province of Ninh Thuan.

The power plant will help Vietnam reach its clean energy and climate action targets by offsetting about 215,000 tonnes of carbon dioxide annually.

According to a press release by the bank, the project financing is arranged and syndicated by ADB as mandated lead arranger and bookrunner, comprises 25 million USD from the bank’s ordinary capital resources, 25 million USD from Japan International Cooperation Agency, 13 million USD from Hong Kong Mortgage Corporation Limited, 17 million USD from Sumitomo Mitsui Banking Corporation, 18 million USD from ING Bank, and 9 million USD from Cathay United Bank.

“Energy demand in Vietnam has grown rapidly even during the pandemic, and it is crucial that this demand be met through clean energy that will drive sustainable economic growth,” ADB Private Sector Operations Department Infrastructure Finance Division Director for East Asia, Southeast Asia, and the Pacific Jackie B. Surtani told reporter.

“This project is a crucial step toward Vietnam’s resilience and ongoing recovery by further expanding the country’s renewable energy mix and contributing to its net-zero targets.” Jackie B. Surtani added.

BIM Wind is jointly owned by ACEN Corporation through its subsidiary, ACEN Vietnam Investments Pte. Ltd., and the BIM Group through its subsidiary, BIM Energy Holding Corporation (BIMEH). ACEN and BIM Group have been developing renewable energy projects since 2019. BIMEH is among the top five renewable platforms in Vietnam with a gross operation capacity of close to 800 MW, the Vietnam News Agency reported.

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