The Asian Development Bank (ADB) has signed a US$116 million green loan with three Vietnamese power companies with the aim to build and operate three 48MW wind farms, totalling 144 MW, in the central province of Quang Tri.
A wind farm in Vietnam (Photo: VNA)
The three borrowers include Lien Lap Wind Power Joint Stock Company, Phong Huy Wind Power Joint Stock Company and Phong Nguyen Wind Power Joint Stock Company, which are owned by Power Construction Joint Stock Company No.1 (PCC1) and RENOVA, Inc.
The loan is the ADB’s first time financing a wind power project in Vietnam.
The project is expected to increase Vietnam’s wind power capacity by 30%, helping the country meet its rapidly growing demand for energy.
According to the ADB, the three wind farms will generate an average of 422 gigawatt-hours of electricity and avoid an average of 162,430 tonnes of carbon dioxide emissions annually.
The project also includes a gender action plan aiming to provide women in the local community with access to training on wind power operation and management.
PCC1 is one of the largest power developers in Vietnam, specialising in the construction of power transmission networks and substations, while RENOVA is a Japanese renewable energy developer and operator.