ACEN, together with its partner, the BIM Group, secured a financing package worth $107 million from the Asian Development Bank (ADB) and parallel lenders for the 88 megawatts (MW) Ninh Thuan wind farm located in South Central Vietnam.
In a statement said the amount will be “in support of the plant’s operations and the partners’ common goal to aid the country reach its climate action targets” and for “long-term project finance” of the facility.
The project financing is arranged and syndicated by ADB as mandated lead arranger and bookrunner with the lending group comprised of ADB, Japan International Cooperation Agency, Hong Kong Mortgage Corp. Ltd., Sumitomo Mitsui Banking Corp., ING Bank and Cathay United Bank.
ADB will also grant the Ninh Thuan wind farm an additional $5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund to be used for initiatives to safeguard environmental and social risks.
The Ninh Thuan wind farm started operations in September 2021 and is expected to produce 339 gigawatt hours of renewable energy per year that can help avoid 215,000 tons of carbon dioxide emissions annually.
“This major boost on our wind farm’s financing from Asia and the Pacific’s climate bank and ACEN’s long-standing financing partner, ADB, and our other parallel lenders will help catalyze renewable energy build-up capacity by 2030. It sends an important message to the market to scale up climate-resilient investments with sufficient speed to help deliver our respective Net Zero goals,” said Patrice Clausse, chief executive officer of ACEN International, in a statement.
