• Financing package will support the two companies’ first wind project and second joint venture in Vietnam, the 88 MW Ninh Thuan Wind development
  • An addition to ACEN’s portfolio of operating wind projects in Vietnam with an aggregate capacity of 420 MW
  • ACEN’s strong relationship with lenders proved significant in its renewables scale up across the Asia Pacific towards its Net Zero goal

18 January 2023ACEN, Ayala group’s listed energy platform, and the BIM Group, through their respective subsidiaries, recently announced that the companies’ joint venture development, the 88 MW Ninh Thuan wind farm located in South Central Vietnam, received an innovative US$107 million financing package from the 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.

The project financing is arranged and syndicated by ADB as mandated lead arranger and bookrunner, with the lending group comprised of ADB, Japan International Cooperation Agency, Hong Kong Mortgage Corporation Limited, Sumitomo Mitsui Banking Corporation, ING Bank, and Cathay United Bank.

Leveraging on Vietnam’s strong wind resource potential, ACEN jointly developed wind projects with its long-time partners in the country, including the BIM Group. Their joint project, the Ninh Thuan Wind farm, commenced operations in September 2021, and is expected to produce 339 GWh of renewable energy per year that can help avoid 215,000 tonnes of CO2 emissions annually.

Patrice Clausse, ACEN international CEO, said: “This major boost 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. 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.”

Doan Quoc Huy, BIM Group’s vice chairman and CEO, said: “We are very honored to receive financing from a leading financial development institution in Asia as well as international commercial banks. We have worked very hard with the ADB and other lenders to meet international standards, especially in regard to Environmental, Social, and Governance. The success of this transaction supports Vietnam’s transition to a low carbon economy. We continue to pursue our mission toward the sustainable development of clean energy in Vietnam.”

Jackie B. Surtani, ADB private sector operations department infrastructure finance division director for East Asia, Southeast Asia, and the Pacific, said: “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.”

ADB will also grant Ninh Thuan Wind farm an additional US$5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund. The grant will be used for initiatives to safeguard environmental and social risk.

With ACEN’s rapid progress in the development of its projects in Vietnam, the company moves even closer toward its aim to accelerate the energy transition in the region, and achieve its bold vision to reach 20 GW of renewables capacity by 2030.