ACEN and its partner, the BIM Group, have secured a financing package worth $107 million from the Asian Development Bank (ADB) and parallel lenders for the 88 megawatt (MW) Ninh Thuan wind farm in South Central Vietnam.
The business did not detail where the money will be used but said the funds will be “in support of the plant’s operations and the partners’ common goal to aid the country reach its climate action targets” as well as for the “long-term project finance” of the program.
The financing is arranged and syndicated by ADB as mandated lead arranger and bookrunner with the lending group comprised of ADB, the Japan International Cooperation Agency, Hong Kong Mortgage Corp. Ltd., Sumitomo Mitsui Banking Corp., ING Bank and Cathay United Bank.
Apart from the $107 million financing package, ADB will also extend an additional $5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund to be used for initiatives safeguarding environmental and social risks.
The Ninh Thuan wind farm started operations in September 2021 and expected to produce 339 gigawatt hours of renewable energy a year, helping prevent 215,000 tons worth of carbon dioxide emissions from ruining the environment each year.
“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.
ACEN targets to generate 20,000 MW worth of renewable energy (RE) projects in its portfolio by 2030.
The company currently has 18,000 MW of RE in pipelines across the region with located in the Philippines, Australia, Vietnam, Indonesia and India.
