Agribank is looking for an organization to auction the 1,200 billion debt of the owner of the Phong Dien 1 - Binh Thuan wind power project.
As of November 30, Vietnam Renewable Energy Company Limited (REVN) had an outstanding debt at the Bank for Agriculture and Rural Development ( Agribank ) of about VND1,200 billion. Of which, the principal was VND730 billion and the interest, overdue interest, and late payment was VND460 billion. This company still has nearly VND14 billion in unpaid guarantee fees to the bank.
Agribank auctioned the debt with a starting price of VND1,205 billion. The collateral is the entire construction work at the Wind Power Plant 1 - Binh Thuan located in Tuy Phong district, Binh Thuan province.
Wind Power 1 - Binh Thuan is the first wind power plant in Vietnam, invested by REVN with a total capital of VND 2,000 billion, including two phases (80 turbines). This project has completed phase 1, including 20 wind turbines with a total capacity of 30 MW, generating electricity since 2009. However, phase 2 of the project was not completed in time to generate electricity before the deadline of November 2021 to enjoy the preferential price mechanism (FIT).
Wind turbine field of Wind Power Plant 1 - Binh Thuan. Photo: REVN
The Chairman of REVN is Mr. Pham Van Minh, who is also a representative at a number of other enterprises, including Urban Infrastructure Investment - Business Company Limited.
In mid-June this year, Agribank also auctioned off a VND1,650 billion debt of Urban Infrastructure Investment and Business Company Limited, of which Mr. Minh is the general director.
The book value of the debt as of April was about VND1,410 billion and more than USD10 million. Of which, the principal debt was more than VND500 billion and USD5.8 million, the remaining was nearly VND900 billion and USD4.3 million in interest.
The entire collateral of this debt is all assets attached to land that have been and are being formed in the future, including factory buildings, buildings, construction works and all other works on two plots of land leased until 2058, in Kim Xuyen commune, Kim Thanh district, Hai Duong province. This is the plot of land used to build wind turbine projects. In addition, this debt is also secured by the entire chain of machinery and equipment and assets securing the Vietnam Turbine Manufacturing Factory - Phase 1...
Wind power used to be a potential field to "attract" capital, but policy changes with projects not being able to operate commercially before the deadline of November 2021 to enjoy preferential prices for 20 years, have made business results of many units gloomy.
Quynh Trang
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