ADB to provide $13.8m to support Vietnam’s rooftop solar sector
The project can augment the sector’s generation by at least 31.5 GWh annually.
The Asian Development Bank (ADB) has signed a loan agreement of up to $13.8m with GreenYellow Smart Solutions Vietnam to boost rooftop photovoltaic solar systems for commercial and industrial consumers in the Southeast Asian country.
In a statement, ADB said $3m of the total loan will come from its ordinary capital resources and $10.8m will be parallel loans from climate fund FMA, managed by responsAbility Investments AG and Societe Generale. ADB is the lead arranger.
GreenYellow will also receive a $3m grant from the Climate Innovation Development Fund.
ADB said the project will have an installed capacity of up to 32.3 megawatts peak, increasing the sector’s clean energy generation by at least 31.5 gigawatt-hours annually.
The project can reduce 15,530 tonnes of carbon dioxide emissions by 2025.
“Solar PV rooftop offers an efficient way for Viet Nam to deploy substantial amounts of additional renewable energy capacity while providing reliable, low-cost energy to consumers, which helps to attract and retain business and enhance Viet Nam’s global competitiveness,” said ADB Director General for Private Sector Operations Suzanne Gaboury.
This is the bank’s first solar rooftop portfolio financing for Vietnam’s commercial and industrial sectors.