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Gov’t injects US$1 billion in Mekong wind power plan

26/10/2011

Vietnam Development Bank (VDB) on Tuesday signed a credit agreement worth US$1 billion with Export-Import Bank of the U.S. to fund a major wind power development plan in the Mekong Delta in 2011-2015, said Nguyen Viet Cuong, general director of VDB’s Transaction Office 2.

Vietnam Development Bank (VDB) on Tuesday signed a credit agreement worth US$1 billion with Export-Import Bank of the U.S. to fund a major wind power development plan in the Mekong Delta in 2011-2015, said Nguyen Viet Cuong, general director of VDB’s Transaction Office 2.

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Deputy Prime Minister Vu Van Ninh earlier approved the memorandum of understanding signed between VDB and Ex-Im Bank of the U.S. on the credit. VDB is now funding wind power projects in the Mekong Delta province of Bac Lieu thanks to the huge credit loan from Ex-Im Bank.

The first generator of the project has been installed. In the first phase, investor Cong Ly Trading and Tourism Co. is now installing five generators this year and five more will be implemented for the plant to produce electricity by next year. The VND4.5 trillion Bac Lieu Wind Power project has 66 generators installed along the beach with a combined capacity of 99MW.

Because the mobilized capital is from Ex-Im Bank of the U.S, all equipment for the wind power project will be provided by U.S. firm General Electric, Cuong said. At present, the country has issued licenses to over 20 wind power projects. They are mostly located in coastal regions of central provinces such as Ninh Thuan, Binh Thuan, Lam Dong and the Mekong Delta.

By LM
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