ADB, BIM Wind Ink US$107 Million Financing Package to Support Wind Energy in Vietnam

The Asian Development Bank (ADB) signed a US$107 million financing project with BIM Wind Power Joint Stock Company (BIM Wind) to support the operation of an 88-megawatt (MW) wind farm in Ninh Thuan province, Vietnam.

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.

The power plant will help the Southeast Asian nation reach its clean energy and climate action targets by offsetting about 215,000 tons of carbon dioxide annually.

This innovative project financing is arranged and syndicated by ADB as mandated lead arranger and bookrunner, and comprises US$25 million from ADB’s ordinary capital resources, US$25 million from Japan International Cooperation Agency, US$13 million from Hong Kong Mortgage Corporation Limited, US$17 million from Sumitomo Mitsui Banking Corporation, US$18 million from ING Bank, and US$9 million from Cathay United Bank.

“Energy demand in Viet Nam 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,” said ADB Private Sector Operations Department Infrastructure Finance Division Director for East Asia, Southeast Asia, and the Pacific Jackie B. Surtani. “This project is a crucial step toward Viet Nam’s resilience and ongoing recovery by further expanding the country’s renewable energy mix and contributing to its net-zero targets.”

ADB will also administer an additional US$5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund to help de-risk the investment.

Specifically, the grant will be used for initiatives to mitigate environmental and social safeguards risks such as reducing shadow flicker impact on residents in the project locality and the preservation of wildlife habitat.

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