ACEN, BIM Group bags US$107m financing for Vietnam wind farm

The financing package was provided by the Asian Development Bank.

ACEN and BIM Group have secured a US$107m financing package for their first wind farm project in South Central Vietnam. 

The package, provided by the Asian Development Bank (ADB) will fund the development of the 88-megawatt Ninh Tuan wind farm, which is expected to produce 339 gigawatt-hours of renewable energy 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,” Patrice Clausse, ACEN International CEO, said. 

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In addition, ADB will also grant Ninh Thuan Wind farm another US$5m grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund. 

This will fund initiatives to safeguard 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,” Jackie B. Surtani, ADB private sector operations department infrastructure finance division director for East Asia, Southeast Asia, and the Pacific, 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.”