ACEN Corp., the listed energy business of Ayala Corp., and foreign partner BIM Group obtained funding of $112 million for the 88-megawatt (MW) Ninh Thuan wind farm in Vietnam.
In a statement, ACEN said the Asian Development Bank (ADB) and various lenders extended a $170-million financing through their respective subsidiaries to support the wind project’s operations.
ADB, as the mandated lead arranger and bookrunner, syndicated the project funding, along with lenders Japan International Cooperation Agency, Hong Kong Mortgage Corp. Ltd., Sumitomo Mitsui Banking Corp., ING Bank and Cathay United Bank.
ACEN also said the Manila-based regional development bank will infuse an additional $5-million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund. This will be earmarked for initiatives aimed at safeguarding environmental and social risk.
“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,” said Jackie Surtani, ADB private sector operations department infrastructure finance division director for East Asia, Southeast Asia and the Pacific.
Located in south central Vietnam, the Ninh Thuan wind plant is one of the projects in ACEN’s portfolio with a total capacity of 420 MW.
“This will help catalyze renewable energy buildup by 2030,” ACEN international CEO Patrice Clausse said. INQ
READ: Acen expands footprint in Vietnam’s renewable energy space