The Asian Development Bank (ADB) has signed a USD 107 million agreement with BIM Wind Power Joint Stock Company (BIM Wind) to support the operation of an 88 MW wind farm in the south central province of Ninh Thuan.
The power plant will help Vietnam meet its clean energy and climate action goals by offsetting about 215,000 tons of carbon dioxide annually.
According to a bank press release, the project financing has been arranged and syndicated by ADB as a mandated lead arranger and bookrunner and includes USD 25 million from the bank’s common capital resources, USD 25 million from Japan International Cooperation Agency, USD 13 million from Hong Kong Mortgage Corporation Limited, USD 17 million from Sumitomo Mitsui Banking Corporation, USD 18 million from ING Bank and USD 9 million from Cathay United Bank.
“Vietnam energy demand has grown rapidly even during the pandemic, and it is critical that this demand is met through clean energy that will drive sustainable economic growth,” said 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 critical step towards Vietnam’s resilience and continued recovery by further expanding the country’s renewable energy mix and contributing to its net-zero targets.” Added Jackie B. Surtani.
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 ranks among the top five renewable platforms in Vietnam with a gross operating capacity of nearly 800 MW, the Vietnamese news agency reported.