Nonsovereign solar power project in Viet Nam signed

ADB and Phu Yen TTP Joint Stock Company (Phu Yen JSC) signed a $186 million loan on 9 October to install 257-megawatt solar power plant in Hoa Hoi in Phu Yen Province through the first certified green loan in the country. The project will help the country shift from its dependence on fossil-fuel and transform Viet Nam’s energy mix.Among the expected results that the project will bring is the reduction of carbon dioxide emissions by 123,000 annually, electricity generation for Quang Ngai and Nha Trang cities and the attendant economic development in the area. The project is the largest single operating solar power in Viet Nam and among the largest in Southeast Asia that has been showing robust efforts in its transition to clean energy.The loan consists of $27.9 million from ADB’s ordinary capital resources, $148.8 million syndicated loan (B loan) funded by commercial banks with ADB as lender of record and a $9.3 million from Leading Asia’s Private Infrastructure Fund (LEAP). The project team is being led by Shuji Hashizume, PSIF2.