ACEN Corp. and the BIM Group have secured a $107 million financing for wind project in Vietnam.
The duo secured financing from Asian Development Bank (ADB) and other lenders. The group consists of Japan International Cooperation Agency, Hong Kong Mortgage Corp. Ltd., Sumitomo Mitsui Banking Corp., ING Bank and Cathay United Bank.
The 88MW Ninh Thuan wind farm had started commercial operations in 2021. The wind farm is located in South Central Vietnam. This is the second joint project of ACEN and the BIM Group.
According to ACEN, it received the financing package from the ADB and parallel lenders “in support of the plant’s operations and the partners’ common goal to aid the country reach its climate action targets.”
“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. This project is a crucial step toward Vietnam’s resilience and ongoing recovery by further expanding the country’s renewable energy mix and contributing to its net-zero targets,” Jackie Surtani, ADB private sector operations department infrastructure finance division director for East Asia, Southeast Asia, and the Pacific, was quoted in a statement.
According to ACEN, the latest support will help achieve renewable energy build-up capacity by 2030 and to achieve Net Zero goals.
ACEN has set a target of reaching 20 GW in renewables capacity by 2030.
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