ACEN Corp. and the BIM Group’s 88 MW Ninh Thuan wind farm in South Central Vietnam, received an innovative $107 million financing package from the Asian Development Bank (ADB) and parallel lenders.
Apart from ADB, the other lenders were Japan International Cooperation Agency, Hong Kong Mortgage Corp. Ltd., Sumitomo Mitsui Banking Corp., ING Bank, and Cathay United Bank.
ACEN jointly developed wind projects with the BIM Group to leverage on Vietnam’s strong wind resource potential,
The Ninh Thuan Wind farm commenced operations in September 2021, and is expected to produce 339 GWh of renewable energy per year that can help avoid 215,000 tonnes of CO2 emissions annually.
ACEN International CEO Patrice Clausse said the fresh funding would help catalyze renewable energy build-up capacity by 2030.
“It sends an important message to the market to scale up climate-resilient investments with sufficient speed to help deliver our respective Net Zero goals,” Clausse said.
Jackie B. Surtani, ADB private sector operations department infrastructure finance division director for East Asia, Southeast Asia, and the Pacific, said Vietnam energy demand 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 will also grant the Ninh Thuan Wind farm an additional $5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund.