ADB agrees $107 mln loan for Vietnam’s BIM Wind
The Asian Development Bank (ADB) has signed a $107 million loan for BIM Wind Power JSC’s 88-megawatt wind farm in Ninh Thuan province on Vietnam’s south-central coast.
The power plant is able to offset about 215,000 tons of carbon dioxide annually, ADB said Wednesday.
The loan, arranged and syndicated by ADB as mandated lead arranger and bookrunner, comprises $25 million from the bank’s ordinary capital resources, $25 million from Japan International Cooperation Agency (JICA), $13 million from Hong Kong Mortgage Corporation, $17 million from Sumitomo Mitsui Banking Corporation, $18 million from ING Bank, and $9 million from Cathay United Bank.
“Energy demand in Vietnam has grown rapidly even during the pandemic, and it is crucial that this demand be met through clean energy that will drive sustainable economic growth,” Jackie B. Surtani, ADB Private Sector Operations Department Infrastructure Finance Division director for East Asia, Southeast Asia, and the Pacific, said in a release.
He added, “This project is a crucial step toward Vietnam’s resilience and ongoing recovery by further expanding the country’s renewable energy mix and contributing to its net-zero targets.”
ADB will also administer an additional $5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund to help de-risk the investment.
According to the bank, the grant will be used for initiatives to mitigate environmental and social safeguards risks like reducing shadow flicker impact on residents in the project locality and the preservation of wildlife habitat.
“We have worked very hard with ADB and other lenders to meet international standards, especially in regards to environment, social, and governance,” said BIM Wind Power CEO Doan Quoc Huy.
The firm is jointly owned by ACEN Corp., through its subsidiary ACEN Vietnam Investments, and Vietnam’s Hanoi-headquartered BIM Group through its subsidiary BIM Energy Holding.
ACEN and BIM Group have been developing renewable energy projects since 2019. The former has 3,700 megawatts of energy capacity in operation and under construction in Australia, India, Indonesia, the Philippines, and Vietnam.
ACEN is the energy unit of Ayala Corporation, one of the largest and most diversified conglomerates in the Philippines.
Meanwhile, BIM Group is one of the largest private conglomerates in Vietnam with a long-established history of 30 years with interests in real estate, hospitality, agriculture, aquaculture, renewable energy, and consumer services.
BIM Energy Holding is among the top renewable platforms in Vietnam with a gross operation capacity of close to 800 MW.
Japan's JICA says it encourages further development of Vietnam's renewable energy sector through the above-mentioned BIM Wind Power project. JICA has been supporting this development through other projects funded by the international agency and administered by ADB.
- Read More
AI cannot replace customer service staff: MoMo exec
AI cannot replace customer service staff, but it can give them more time to prepare and provide better care for customers, says Thai Tri Hung, senior deputy general director and chief technology officer of e-wallet app MoMo.
Companies - Thu, October 31, 2024 | 8:11 am GMT+7
Vietnam property developer Novaland posts skyrocketing Q3 profit
Novaland, a leading real estate developer in Vietnam, reported its after-tax profit hit VND2.95 trillion ($166.62 million) in the third quarter of this year, a 21.6-fold rise year-on-year.
Companies - Wed, October 30, 2024 | 10:59 pm GMT+7
Thailand fruit prices increase at the end of successful season
Thailand’s fruit season is wrapping up this year with a notable surge in prices for durian, mangosteen, rambutan, longkong, and mango.
Southeast Asia - Wed, October 30, 2024 | 10:30 pm GMT+7
BlackBerry launches regional cybersecurity headquarters in Malaysia
Canada-based BlackBerry Ltd has established an Asia Pacific regional headquarters for its cybersecurity division in Cyberjaya, Malaysia, which is now fully operational.
Southeast Asia - Wed, October 30, 2024 | 10:27 pm GMT+7
Malaysia faces rising cybersecurity threats
Malaysian users are facing a high level of cyber threats, which may coincide with the rapid expansion of data centers in the country.
Southeast Asia - Wed, October 30, 2024 | 10:24 pm GMT+7
Indonesia to develop 3 million more hectares of rice fields
The Indonesian government is working to implement a program to develop 3 million hectares of new rice fields to strengthen the country's food resilience amid global challenges and increasing population demands, national news agency Antara reported.
Southeast Asia - Wed, October 30, 2024 | 9:24 pm GMT+7
Singapore’s digital economy thriving
Singapore’s digital economy accounted for 17.7% of the island state's GDP in 2023, up from 17.3% in the previous year, according to its Infocomm Media Development Authority (IMDA).
Southeast Asia - Wed, October 30, 2024 | 9:21 pm GMT+7
Viettel, UAE’s Presight to boost Applied AI, digital transformation in Vietnam
Vietnam’s Viettel AI and the UAE’s Presight have agreed to jointly advance the development of Applied AI and digital transformation initiatives in Vietnam.
Companies - Wed, October 30, 2024 | 8:30 pm GMT+7
Vietnam utility EVN to build $277 mln transmission line to import power from China
State utility Vietnam Electricity (EVN) has got the go head to build the VND7,010 billion ($277.2 million), 500 kV Lao Cai-Vinh Yen line for transmission in the northwestern region and to import power from China.
Energy - Wed, October 30, 2024 | 8:09 pm GMT+7
Jack Ma-invested fund unloads Vietnam holdings worth $130 mln in Q3
China’s Tianhong Vietnam Market Stock Initiated Securities Investment Fund (QDII) saw outflows of around RMB930 million ($130.4 million) in the July-September quarter.
Finance - Wed, October 30, 2024 | 4:53 pm GMT+7
Private lender HDBank reports strong profit growth in 9 months
Ho Chi Minh City-based private creditor HDBank's pre-tax profit surged 47% year-on-year to VND12.65 trillion ($499.6 million) in the first nine months of this year.
Banking - Wed, October 30, 2024 | 4:42 pm GMT+7
Real estate M&As gather pace as local firms struggle with capital insufficiency, restructuring: experts
2024 is considered a vibrant year for mergers and acquisitions (M&A) in Vietnam’s real estate sector, as domestic property companies still face challenges related to capital and restructuring, according to experts.
Real Estate - Wed, October 30, 2024 | 4:14 pm GMT+7
Vietnam conglomerate Vingroup, UAE partner seek to build $3.5 bln data center
Vietnam’s leading conglomerate Vingroup and the Middle East-focused Benya Technologies will jointly explore opportunities to invest in a $3.5 billion data center in Vietnam.
Industries - Wed, October 30, 2024 | 3:43 pm GMT+7
Commonwealth Bank of Australia further sells 10% stake in Vietnam bank VIB
The Commonwealth Bank of Australia (CBA) has sold a further 10% stake in Vietnam International Commercial Joint Stock Bank (VIB).
Banking - Wed, October 30, 2024 | 1:17 pm GMT+7
Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam
State-owned Saudi Arabian Oil Group (Aramco), the world’s largest oil producer, is eyeing to invest in petrochemical-oil refining and petroleum distribution in Vietnam, said president and CEO Amin Hassan Nasser.
Energy - Wed, October 30, 2024 | 11:01 am GMT+7
Emirates seeks to expand presence in Vietnam
Emirates, the flagship carrier of the UAE, has signed two separate memorandums of understanding (MoUs) with Vietnam Airlines and Vietjet as part of the airline's efforts to expand its footprint in Vietnam.
Companies - Wed, October 30, 2024 | 10:02 am GMT+7