ADB finances largest floating solar farm
07:39 | 03/10/2019

VGP – The Asian Development Bank (ADB) signed a US$37 million loan agreement with Da Nhim – Ham Thuan – Da Mi Hydro Power Joint Stock Company (DHD) to finance the installation of a 47.5MW peak floating photovoltaic (PV) solar power facility on the man-made reservoir of DHD’s existing 175 MW Da Mi hydropower plant.

Illustration photo

The project was the largest solar power facility in Viet Nam and the Southeast Asian region. 

The financing package includes a $17.6 million loan from ADB’s ordinary capital resources.

This is supplemented by US$15 million of blended concessional co-financing provided by the Canadian Climate Fund for the Private Sector in Asia and its follow-on fund, the Canadian Climate Fund for the Private Sector in Asia II.

The package also includes a US$4.4 million parallel loan from the Leading Asia’s Private Infrastructure Fund (LEAP), supported by Japan International Cooperation Agency through a US$1.5 billion equity commitment.

“This project will help to boost the share of renewable energy in Viet Nam’s overall energy mix and decrease the dependence on imported fossil fuels such as coal,” said Deputy director general of ADB private sector operations department Christopher Thiem said.

Chairman of the board of DHD Nguyen Trong Oanh stated that: “We are proud to be the first company in Viet Nam to construct a floating solar power plant on a hydropower reservoir.”

This project aligns with DHD’s strategy of investing in renewable energy to decrease dependence on fossil fuel, contribute to energy security, mitigate climate change, and promote environmental protection and sustainable socio-economic development./.

By Khanh Phuong 

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