Page 8 - AsiaElec Week 22 2021

AsiaElec RENEWABLES AsiaElec

ADB issues green loans for 144

MW of wind capacity in Vietnam

VIETNAM THE Asian Development Bank (ADB) has group of international finance institutions [IFIs]
signed a $116mn green loan with three Viet- and commercial banks,” said PCC1 chairman of
namese wind developers to build three 48-MW the board of directors and general-director Trinh
wind farms, raising the country’s wind capacity Van Tuan. “ADB’s leadership in deal structuring,
by 30%. due diligence and loan syndications is very cru-
The three projects in Quang Tri Province are cial for the success of this transaction.”
to be run by Lien Lap Wind Power JSC (Lien “We are delighted to partner with PCC1 on
Lap), Phong Huy Wind Power JSC (Phong Huy) our first overseas renewable project and to work
and Phong Nguyen Wind Power JSC (Phong with ADB to support the renewable power sec-
Nguyen). All three are owned by Power Con- tor in Vietnam,” said RENOVA’s founding CEO
struction JSC No.1 (PCC1) and Japanese green Yosuke Kiminami. “We very much appreciate
developer RENOVA. ADB’s participation and tremendous support to
The loan forms part of a $173mn green loan ensure that the project meets international envi-
project financing package arranged and syndi- ronmental and social standards.”
cated by ADB as mandated lead arranger and The ADB mobilised long-term US dollar lim-
bookrunner. ited-recourse financing from commercial banks
It is ADB’s first financing of a wind power and other development finance institutions that
project in Vietnam, and is certified by the Cli- was unavailable locally. This was done through a
mate Bonds Initiative, which administers the combination of B loans and parallel loans.
international Climate Bond Standard and Cer- Parallel lenders include the Japan Interna-
tification Scheme. tional Cooperation Agency (JICA) and Export
The ADB loan comprises a $35mn A loan Finance Australia. B loan participants include
directly funded by ADB and an $81mn syndi- Bank of China (Hong Kong) Limited; Bank of
cated B loan. China Limited Macau Branch; Société Générale,
“Lien Lap, Phong Huy and Phong Nguyen Singapore Branch; and Triodos Groenfonds NV.
will add to ADB’s extensive experience in large- The projects will generate an average of 422
scale renewable energy projects in Vietnam, GWh per year and avoid an average of 162,430
and underlines our commitment to helping the tonnes of CO2 emissions annually.
country map a clean energy future,” said ADB A gender action plan under the project will
Private Sector Operations Department Infra- provide women from the local community with
structure Finance Division director for East Asia, access to training on wind power operation and
Southeast Asia and the Pacific Jackie B. Surtani. management.
“This is a milestone project which demon- PCC1 has nearly 60 years of experience in
strates how private financing can be effectively Vietnam’s power infrastructure sector, special-
mobilised to develop wind power projects in ising in constructing power transmission net-
Asia and the Pacific.” works and substations. It is among the largest
“This transaction is our first wind power hydropower developers domestically and is
project and the first time that we engaged with a listed on the Ho Chi Minh Stock Exchange.™

P8 www. NEWSBASE .com Week 22 02•June•2021