Southeast Asia's largest solar power plant receives green loan support

     The Asian Development Bank (ADB) recently stated that it has signed an agreement to provide loans for the Hoa Hoi Solar Park in Vietnam at a cost of up to US$186 million.

    A spokesperson for the bank said that this is the largest single operating solar powered home solar power plant in Vietnam and the largest single power plant in Southeast Asia, with an installed capacity of 257 MW. The plant may offset 123,000 tons of carbon dioxide annually.

    The solar facility will provide electricity to the cities of Quang Ngai and Nha Trang and their surrounding areas.

    This loan is the first loan provided by the country to Fu An Joint Stock Company. The company is jointly owned by B.Grimm Power Public Co and Truong Thanh Vietnam Group JSC.

    According to the financing agreement, ADB will provide US$27.9 million in loans, the commercial bank consortium will provide US$148.8 million, and Leading Asia’s private infrastructure fund of US$9.3 million. Commercial banks include Bangkok Bank, Kasikorn Bank, Katnakin Bank, Industrial and Commercial Bank of China and Standard Chartered Bank.

    ADB stated that green loans are designed to provide funding for projects that may bring environmental or climate-related benefits.