The signing ceremony of a loan worth USD173 million to build wind power plants with a total capacity of 144MW in Huong Hoa district, Quang Tri province by Power Construction Joint Stock Company 1 (PCC1) was approved by the Asian Development Bank (ADB), Export Finance Australia (EFA), Japan International Cooperation Agency (JICA) and member units under PCC1 was performed online by the end of May 2021.
Representatives of the parties exchangingand signing the contract online
This loan is arranged and syndicated by ADB as lead arranger and principal guarantor. The parallel lenders of the loan include ADB, EFA, JICA.
This is ADB's first funding for a wind power project in Vietnam and has been certified as a "green" loan by the Climate Bonds Initiative, which is the administer of the Climate Bonds Standard and Certification Scheme.
PCC1's wind power project cluster in Quang Tri consists of Lien Lap, Phong Huy and Phong Nguyen Wind Power Plant Projects jointly invested by PCC1 and Renova, Inc., with a total capacity of 3 plants of 144MW.
When put into operation, every year the cluster of 3 plants will contribute to reducing emissions of 162,430 tons of CO2. In addition, during the construction and operation, plants have complied with international environmental and social standards and, at the same time, actively contributed to improving livelihoods and gender equality, as well as local socio-economic development.