On 11 September, ADB and GreenYellow Smart Solutions Vietnam Co., Ltd. signed a $13.8 million loan agreement to install rooftop solar photovoltaic (PV) systems on the rooftops of commercial and industrial businesses in Viet Nam. ADB is the mandated lead arranger of the financing package that comprises of a $3 million OCR loan and $10.8 parallel loans from co-financiers. A $3 million grant from the ADB-administered Climate Innovation and Development Fund will help address risks related to financing solar assets.
This is the first time that ADB is financing rooftop solar PV for the commercial and industrial sector in Viet Nam that faces high upfront costs and constrained financing channels. This project should help set a good precedent and pave the way for the installation of up to 32.3 megawatts, provide electricity of at least 31.5 gigawatt-hours yearly, and reduce about 15,530 tons of carbon dioxide emissions yearly by 2025. The project is being led by Claire Alembik, PSIF2.