ACEN Secures $107 Million Financing For Wind Project In Vietnam

ACEN Corp. and the BIM Group secured a $107 million financing package from Asian Development Bank (ADB) and parallel lenders “in support of the plant’s operations and the partners’ common goal to aid the country reach its climate action targets” for their wind farm project in South Central Vietnam.

ACEN said the grant to its 88-megawatt (MW) Ninh Thuan wind farm would be used for initiatives to prevent environmental and social risks.

“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. This project is a crucial step toward Vietnam’s resilience and ongoing recovery by further expanding the country’s renewable energy mix and contributing to its net-zero targets,” Jackie Surtani said who is currently the ADB private sector operations department infrastructure finance division director for East Asia, Southeast Asia, and the Pacific.

The Ninh Thuan wind farm started commercial operations in September 2021.

It is the second joint project of ACEN and the BIM Group. The first is the 405-MW Ninh Thuan solar farm, becoming one of the largest solar farms in Southeast Asia.

“This major boos 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,” ACEN International CEO Patrice Clausse said.

“It sends an important message to the market to scale up climate-resilient investments with sufficient speed to help deliver our respective Net Zero goals,” he added.

ACEN is included in the energy platform of the Ayala group, with an 18 GW development portfolio throughout Asia-Pacific.

ACEN aims to become the largest listed renewables platform in Southeast Asia, with a target of reaching 20 GW in renewables capacity by 2030.

Source: Philstar