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ADB signs $107 million financing project for a wind farm in Vietnam

The Asian Development Bank (ADB) has announced its support for the operation of a 88- MW wind farm in Vietnam.

For this, the ADB has already signed a $107 million financing project with BIM Wind Power Joint Stock Company (BIM Wind). The wind farm is located in Ninh Thuan province in Vietnam.

According to the statement issued by the ADB, this power plant will help Vietnam reach its clean energy and climate action targets by offsetting about 215,000 tons of carbon dioxide annually.

It has been informed that the project includes $25 million from ADB’s ordinary capital resources, $25 million from Japan International Cooperation Agency, $13 million from Hong Kong Mortgage Corporation Limited, $17 million from Sumitomo Mitsui Banking Corporation, $18 million from ING Bank, and $9 million 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 was quoted in the statement.

In response, BIM Wind JSC CEO Doan Quoc Huy remarked, “We are very honored to receive financing from a leading development finance institution in Asia as well as international commercial banks. The success of this transaction supports Vietnam’s transition to a low carbon economy.”

According to the statement, BIM Wind is owned by ACEN Corporation through its subsidiary, ACEN Vietnam Investments Pte. Ltd., and the BIM Group through its subsidiary, BIM Energy Holding Corporation.

The duo has been working together to develop renewable energy projects since 2019.

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