ACEN continues to bolster renewable energy capacity in Vietnam

January 18, 2023 | 11:27
(0) user say
Filipino power producer ACEN, Ayala group’s listed energy platform, continues to strengthen its renewable energy capacity in Vietnam after the company and BIM Group received financing worth $107 million.
Philippines' ACEN continues to bolster its renewable energy capacity in Vietnam

ACEN and BIM Group, through their respective subsidiaries, recently announced that the companies’ joint venture development for the 88MW Ninh Thuan wind farm located in South Central Vietnam has received an innovative $107 million financing package from the Asian Development Bank (ADB) and parallel lenders to support the plant’s operations and the partners’ common goal to aid the country to reach its climate action targets.

Leveraging Vietnam’s strong potential for wind power, ACEN has jointly developed wind projects with its long-time partners in the country, including the BIM Group. Their joint project, the Ninh Thuan Wind farm, commenced operations in September 2021 and is expected to produce 339 gigawatt hours of renewable energy per year that will help avoid 215,000 tonnes of CO2 emissions annually.

ACEN international CEO Patrice Clausse said, “This major boost to our wind farm’s financing from the Asia-Pacific climate bank, ACEN’s long-standing financing partner ADB, and our other parallel lenders will help catalyse renewable energy capacity by 2030. It sends an important message to the market to scale up climate-resilient investments with sufficient speed to help deliver our respective net-zero goals.”

Jackie B. Surtani, ADB Private Sector Operations Department's Infrastructure Finance Division director for East Asia, Southeast Asia, and the Pacific said, “Energy demand in Vietnam has grown rapidly even during the pandemic, and it is crucial that this demand is met through clean energy that will drive sustainable economic growth. 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 grant the Ninh Thuan Wind farm an additional $5 million from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund. The grant will be used for initiatives to mitigate environmental and social risks.

With ACEN’s rapid progress in the development of its projects in Vietnam, the company moves even closer toward its aim to accelerate the energy transition in the region and achieve its bold vision to reach 20GW of renewable capacity by 2030.

BIM Group to launch Vietnam’s largest salt & renewable energy economic zone BIM Group to launch Vietnam’s largest salt & renewable energy economic zone

BIM Wind Farm started commercial operation in Ninh Thuan province on September 30. Developed by BIM Wind, a joint venture between BIM Group and AC Energy from Philippines, it is a final phase of the project that transformed the region into the largest salt production and renewable energy complex in Vietnam covering an area of 2,500 hectares with a total investment of VND12 trillion ($521.74 million).

Bim Group and ADB sign $107 million clean energy package Bim Group and ADB sign $107 million clean energy package

The Asian Development Bank (ADB) signed a $107 million financial package with BIM Wind Power JSC, a subsidiary of BIM Group, to support the operation of an 88MW wind farm in Ninh Thuan province on Vietnam’s southcentral coast.

Offshore wind bonanza within reach for the country Offshore wind bonanza within reach for the country

Vietnam’s offshore wind potential comes with its own set of hurdles and restrictions. David Harrison, partner at Mayer Brown’s Vietnam Office, talked with VIR’s Nguyen Thu about wind energy’s role in Vietnam’s energy transition.


What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional