The Asian Development Bank (ADB) has signed a $116 million green loan agreement with Lien Lap Wind Power Co., Ltd., Phong Huy Wind Power Co., Ltd. and Phong Nguyen Wind Power Co., Ltd, Construction and operation of three 48 MW wind power plants with a total installed capacity of 144 MW in Kwangchi Province, Vietnam. The loan is part of the US $173 million green loan financing plan provided by ADB as the leader and main guarantor, and it is also the first time that ADB has provided loan funds to Vietnam’s wind power projects.
According to the report, the fund was certified by climate bonds initiative, the management unit of the international climate bond standards and certification program. The financing plan includes US $35 million directly provided by ADB and US $81 million class B Loan.
According to the report, the above-mentioned wind power projects generate 422 GW hours (GWh) a year, with an average annual carbon dioxide emission reduction of 162,000 tons. It will increase Vietnam’s wind power by 30%, which will help alleviate Vietnam’s fast-growing power demand.