ACEN Corp. and the BIM Group said Tuesday the 88-megawatt Ninh Thuan wind farm in South Central Vietnam received a $107-million financing package from the Asian Development Bank and parallel lenders.
“This major boost on our wind farm’s financing from Asia and the Pacific’s climate bank and ACEN’s long-standing financing partner, ADB, and our other parallel lenders will help catalyze renewable energy build-up capacity by 2030,” ACEN International chief executive Patrice Clausse said.
“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.
ACEN said the financing would support the plant’s operations and the partners’ shared goal to aid Vietnam in reaching its climate action targets.
The project financing is arranged and syndicated by ADB as the mandated lead arranger and bookrunner.
The lending group comprises ADB, Japan International Cooperation Agency, Hong Kong Mortgage Corporation Ltd., Sumitomo Mitsui Banking Corp., ING Bank and Cathay United Bank.
ACEN jointly developed wind projects with its long-time partners in the country, including the BIM Group, a leading private conglomerate in Vietnam.
Their joint project, the Ninh Thuan wind farm, commenced operations in September 2021 and produces 339 gigawatt-hours of renewable energy a year that can help avoid 215,000 tons of carbon dioxide emissions annually.
BIM Group’s vice chairman and chief executive Doan Quoc Huy said they are “honored to receive financing from a leading financial development institution in Asia as well as international commercial banks.”
“The success of this transaction supports Viet Nam’s transition to a low carbon economy. We continue to pursue our mission toward the sustainable development of clean energy in Vietnam,” he said.