ADB leads US$186 million financing for Vietnam solar plant

Published onOctober 15, 2020

The Asian Development Bank (ADB) is participating in a US$186 million loan for a solar plant in Vietnam, in a deal which features the first green B loan in Asia. The financing comprises a US$27.9 million loan funded by ADB, and a US$148.8 million syndicated loan (B loan) funded by commercial banks with ADB as lender of record, plus a US$9.3 million loan from Leading Asia’s Private Sector Infrastructure Fund (LEAP). Participating banks in the green B loan, which is to be certified by the Climate Bonds Initiative, include Bangkok Bank, Kasikorn Bank, Kiatnakin Bank, Industrial and Commercial Bank of China, and Standard Chartered Bank. The borrower is Phu Yen JSC, which is owned by B.Grimm Power Public Company Limited and Truong Thanh Viet Nam Group Joint Stock Company (TTVN). The loan agreement was signed on October 9. The 257-megawatt solar power plant is located in Phu Yen Province. The project is the largest single operating solar power plant in Vietnam and one of the largest in Southeast Asia.