ADB finances $13.8 million for rooftop solar power in Vietnam

This is ADB's first financing in the rooftop solar power portfolio for the manufacturing and business segment in Vietnam.

The loan will support the construction and operation of rooftop solar power systems for businesses and manufacturing establishments across the country. The financing package includes a $3 million loan from ADB’s ordinary capital resources and parallel loans of $10.8 million from FMO, a fund managed by ResponsAbility Investments AG and Societe Generale, with ADB as the lead arranger.

This is ADB's first financing for a rooftop solar portfolio for the commercial and industrial segment in Vietnam.

A $3 million grant will also be provided from the ADB-administered Climate Innovation and Development Fund (CIDF). The grant will help attract international commercial bank participation by addressing two key barriers to financing long-term economic life solar projects in Vietnam.

“As the climate bank for Asia and the Pacific , ADB is increasingly focused on mobilizing private capital to finance much-needed renewable energy projects in the region. Rooftop solar is an effective way for Vietnam to realize significant additional renewable energy capacity, helping to attract and retain businesses and enhance Vietnam’s global competitiveness,” said Suzanne Gaboury, Director General of ADB’s Private Sector Operations Department.

Rooftop solar is an emerging form of renewable energy in Vietnam. Its adoption in the consumer segment has been hampered by high investment costs and limited financing channels. With a total planned installed capacity of 32.3 MW, the project is expected to increase clean energy supply to this segment and reduce carbon emissions by 15,530 tons by 2025.

“Our core business is a strong commitment to development impact and our partnership with ADB is particularly aligned with the Company’s mission to deliver innovative power distribution and drive the energy transition. ADB’s important role in helping connect like-minded partners is integral to our shared journey to actively promote sustainable development,” said Sebastien Prioux, CEO of GreenYellow Vietnam.

GreenYellow is a French energy transition partner, specializing in decentralized solar power generation, monitoring, storage and energy efficiency services. The company currently operates in Asia, Africa, Europe, South America and entered Vietnam in 2019. GreenYellow develops, finances and operates infrastructure projects, enabling its customers to produce green electricity on-site at competitive prices, reduce energy consumption and accelerate decarbonization.

Source link: https://thanhnien.vn/adb-tai-tro-138-ti-usd-cho-dien-mat-troi-mai-nha-o-viet-nam-185230911183337681.htm