IFC financing two wind power projects in Vietnam

• 3 years ago (2021-05-27)
• David Flin

Asia 859 Wind 240

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The International Finance Corporation (IFC), a member of the World Bank Group , is funding the development and construction of two wind power projects in central Vietnam.

IFC is providing a financing package of $57 million to Thuan Binh Wind Power Joint Stock Company (TBW), a subsidiary of Refrigeration Electrical Engineering Corporation (REE). This will enable the construction of two onshore wind power plants – Phu Lac 2 in Binh Thuan province and Loi Hai 2 in Ninh Thuan province – with a combined capacity of 54.2 MW. The plants are due to start operating later in 2021.

Nguyen Ngoc Thai Binh, Deputy CEO of REE, said: “As REE expands its footprint in renewable energy, we are looking for long-term US dollar-based financing that is not readily available in the local market.” He added that the IFC support will help the company implement a strategic drive to green its power sector portfolio in the coming years.