The Asian Development Bank (ADB) has signed a US$116 million green loan with Lien Lap Wind Power Joint Stock Company, Phong Huy Wind Power Joint Stock Company, and Phong Nguyen Wind Power Joint Stock Company to build and operate three 48-MW wind farms in Quang Tri Province, Vietnam.
The 144 MW project is expected to increase Vietnam’s wind power capacity by 30%, helping the country meet the rapidly growing demand for energy. It will generate an average of 422 GWh of electricity and avoid an average of 162,430 t of CO2 emissions annually.
According to ADB, this is its first financing of a wind power project in Vietnam and is certified by the Climate Bonds Initiative. A gender action plan under the project will also provide women from the local community with access to training on wind power operation and management.
Lien Lap, Phong Huy, and Phong Nguyen are owned by Power Construction Joint Stock Company No.1 (PCC1) and Renova Inc.
PCC1 is among the largest hydropower developers in Vietnam, with nearly 60 years of experience in the local power infrastructure sector. The company specialises in constructing power transmission networks and substations.
Renova is a Japanese renewable energy developer and operator of renewable energy power generation facilities including solar, wind, biomass, and geothermal power plants.
“This transaction is our first wind power project and the first time that we engaged with a group of international finance institutions and commercial banks,” said Trinh Van Tuan, chairman of the board of directors and general director at PCC1.
“We are delighted to partner with PCC1 on our first overseas renewable project and to work with ADB to support the renewable power sector in Vietnam,” said Yosuke Kiminami, founding CEO of Renova “We very much appreciate ADB’s participation and tremendous support to ensure that the project meets international environmental and social standards.”
Photo: Power Construction Joint Stock Company No.1