ADB agrees $13.8-million loan with GreenYellow

The funding will help build and operate solar PV systems on the roofs of commercial and industrial buildings across the nation. The financing package consists of a $3 million A loan from ADB's ordinary capital resources and a $10.8 million parallel loans from Dutch development bank FMO's climate fund and France's Societe Generale. ADB serves as mandated lead arranger.

Additionally, a $3 million grant will be awarded by the ADB-managed Climate Innovation and Development Fund. The grant will assist in overcoming two significant obstacles to financing solar assets with a long economic life in Vietnam, namely the lack of long-term VND funding at fixed interest rates and the potential volatility of the exchange rate with the US dollar.

“ADB is increasingly focused on mobilising private capital to finance renewable energy projects that the Asia Pacific region urgently needs,” said ADB's director general for Private Sector Operations Suzanne Gaboury.

“Solar PV rooftop offers an efficient way for Vietnam to deploy substantial amounts of additional renewable energy capacity while providing reliable, low-cost energy to consumers, which helps to entice and retain businesses and enhance Vietnam’s global competitiveness,” added Gaboury.

This is ADB’s first financing of a solar PV rooftop portfolio for the commercial and industrial segment in Vietnam. Rooftop solar is an emerging form of renewable energy supply in the country, and its adoption in this sector has been hindered by high upfront costs and limited financing channels.

With a planned total installed capacity of up to 32.3MW at its peak, this project is set to increase clean energy supply to the sector by at least 31.5 gigawatt-hours annually, reducing 15,530 tonnes of CO₂ emissions by 2025.

“Embedded within our core business is a profound commitment to development impact and our collaboration with ADB aligns with our corporate mission of innovative power distribution and driving energy transition," said Sebastien Prioux, CEO GreenYellow Vietnam. “ADB’s instrumental role in fostering connections among like-minded partners is integral to our collective journey in actively advancing sustainable development,” he added.

GreenYellow acquires 49.5MWp solar farm of French IPP Qair in Vietnam GreenYellow Vietnam - a major player in the energy transition - recently acquired the Vietnamese subsidiary of Qair - French independent renewable energy producer refocusing on European, Brazilian, and African geographies - as well as its 70 per cent stake in Binh Dinh solar farm, a 49.5 MWp asset in operation in Binh Dinh province in Vietnam’s central coast.

GreenYellow investing in New Wing's rooftop solar power system GreenYellow, a French energy management company, has signed a deal to invest in a rooftop solar power project for New Wing Interconnect Technology Co., Ltd., a fully owned subsidiary of Foxconn Group.

ADB, Singapore partner to develop clean energy The Asian Development Bank (ADB) and the Energy Market Authority (EMA) of Singapore have signed an MoU that paves the way for the development of renewable energy generation and transmission across the Association of Southeast Asian Nations (ASEAN) region.