LBBW to finance sale of Enercon wind turbines in Vietnam

Image by Enercon GmbH. All Rights Reserved.

September 28 (Renewables Now) - German regional bank LBBW has provided a EUR-35-million (USD 40.94m) loan to a company in Vietnam buying twelve wind turbines by Lower Saxony-based manufacturer Enercon GmbH.

The loan is backed by an export credit guarantee from the German government which is meant to support the international expansion of renewables, LBBW said on Monday.

The turbines will be supplied for a 50-MW wind park to be located in Ninh Thuan, in the South Central Coast region of Vietnam, and owned by Ha Do Thuan Nam Wind Energy One Member Co. Ltd. The park will be brought into operation in 2021.

This is the first government-backed loan of this kind provided for Enercon turbines in Vietnam.

“With the financing under this initiative, we help export-focused German companies achieve success and advance the energy transition in emerging markets such as Vietnam,” said LBBW's head of export finance Nanette Bubik.

LBBW has already financed several wind projects in the Southeast Asian country with a total capacity of over 100 MW.

(EUR 1 = USD 1.170)

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