09 October 2023 – ACEN’s US$107 million innovative financing package for its 88 Ninh Thuan Wind in Vietnam won the esteemed Development Deal of the Year at the recently concluded Uxolo Development Finance Pathfinder Awards held in Singapore.
A joint venture development with BIM Group, Ninh Thuan Wind features a diverse blended finance consortium, with the Asian Development Bank (ADB) providing US$25 million and Japan International Cooperation Agency (JICA) with US$25 million.
Local and international commercial lenders such as Hong Kong Mortgage Corporation Limited, Sumitomo Mitsui Banking Corporation, ING Bank, and Cathay United Bank provided the remaining $57 million.
ACEN treasurer Cecile Cruzabra said: “This recognition solidifies ACEN’s leadership role in sustainable finance, and we’re grateful for our strong relationships with lenders that provided significant support as we scale up our renewables buildout in Asia Pacific.”
ACEN CFO Corazon Dizon received the award during the awarding ceremony last 20 September 2023 in Singapore. The Uxolo Development Finance Pathfinder Awards recognizes deals in the market that “punched above their weight” in 2022 and features structural, sector or country firsts.
The award-winning transactions stretch from landmark conservation bonds, to complex blended finance applications, to inventive and impactful grants and guarantees.