This is in support of the 88MW wind farm in Ninh Thuan province.
The Asian Development Bank has signed a $107m financing project with BIM Wind Power Joint Stock Company (BIM Wind) in support of Vietnam’s wind energy.
In particular, the partnership will fund the operation of an 88-megawatt (MW) wind farm in Ninh Thuan province.
“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,” ADB Private Sector Operations Department Infrastructure Finance Division Director for East Asia, Southeast Asia, and the Pacific Jackie B. Surtani said.
“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.”
The power plant is estimated to offset some 215,000 tonnes of carbon dioxide annually.
ADB will also administer an additional $5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund to help de-risk the investment.