MANILA - ACEN Corp and the BIM Group's Vietnam wind farm received financing worth $107 million, the Ayala-led energy platform said on Wednesday.
The 2 firms' joint venture recently announced the development of the 88 MW Ninh Thuan wind farm located in South Central Vietnam. It received the financing package from the Asian Development Bank (ADB) and parallel lenders, ACEN told the stock exchange.
ACEN said the financing was arranged and syndicated by ADB, with the lending group comprised of ADB, Japan International Cooperation Agency (JICA), Hong Kong Mortgage Corp Ltd, Sumitomo Mitsui Banking Corp, ING Bank and Cathay United Bank.
"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," ACEN International CEO Patrice Clausse said.
"It sends an important message to the market to scale up climate-resilient investments with sufficient speed to help delivery our respective Net Zero goals," Clausse added.
ACEN said the ADB would give the Ninh Thuan Wind farm an additional $5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund.
Ninh Thuan Wind farm is expected to produce 339 GWh of renewable energy per year and help avoid 215,000 tons of C02 emissions annually, ACEN said.