ADB backs 257-MW solar farm in Vietnam

Solar cells. Author: Steve Rainwater. License: Creative Commons: Attribution-ShareAlike 2.0 Generic

October 9 (Renewables Now) - The Asian Development Bank (ADB) said today it has signed an agreement to lend USD 186 million (EUR 157m) for a 257-MW solar park in Hoa Hoi, Phu Yen Province, Vietnam.

The funds will be extended to Phu Yen TTP, a joint venture between Thai conglomerate BGrimm Power PCL (BKK:BGRIM) and Truong Thanh Viet Nam Group.

The financing includes USD 27.9 million as a loan by ADB, USD 148.8 million as a syndicated loan from commercial banks with ADB as lender of record and USD 9.3 million from Leading Asia's Private Infrastructure Fund.

Contributing commercial banks include Bangkok Bank, Kasikorn Bank, Kiatnakin Bank, Industrial and Commercial Bank of China, and Standard Chartered Bank.

The Hoa Hoi solar park is touted as the biggest in Vietnam and one of the biggest in Southeast Asia. It is supplying power to cities in a region that is becoming one of the country's main tourist centres, the Asian lender said.

(USD 1.0 = EUR 0.846)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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