ADB finances 107 million USD to develop wind power in Vietnam
The Asian Development Bank (ADB) has signed a 107 million USD financing project 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.
Hanoi (VNA) - The Asian Development Bank (ADB)has signed a 107 million USD financing project with BIM Wind Power Joint StockCompany (BIM Wind) to assist the operation of an 88 MW wind farm inthe south central province of Ninh Thuan.
According to a press release by the bank, the power plantwill help Vietnam reach its clean energy and climate action targets byoffsetting about 215,000 tonnes of carbon dioxide annually.
The project financing is arranged and syndicated by ADB asmandated lead arranger and bookrunner, comprises 25 million USD from the bank’sordinary capital resources, 25 million USD from Japan International CooperationAgency, 13 million USD from Hong Kong Mortgage Corporation Limited, 17 million USDfrom Sumitomo Mitsui Banking Corporation, 18 million USD from ING Bank, and 9million USD from Cathay United Bank.
“Energy demand in Vietnam has grown rapidly even during thepandemic, and it is crucial that this demand be met through clean energy thatwill drive sustainable economic growth,” said ADB Private Sector OperationsDepartment Infrastructure Finance Division Director for East Asia, SoutheastAsia, and the Pacific Jackie B. Surtani. “This project is a crucial step towardVietnam’s resilience and ongoing recovery by further expanding the country’srenewable energy mix and contributing to its net-zero targets.”
BIM Wind is jointly owned by ACEN Corporation through itssubsidiary, ACEN Vietnam Investments Pte. Ltd., and the BIM Group through itssubsidiary, BIM Energy Holding Corporation (BIMEH). ACEN and BIM Group havebeen developing renewable energy projects since 2019. BIMEH is among the top five renewable platforms in Vietnamwith a gross operation capacity of close to 800 MW./.
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Illustrative photo (Source: VNA) 
