The Asian Development Bank (ADB) and Phu Yen TTP Joint Stock Company have signed a $186 million loan to develop and operate a 257-megawatt solar power plant in Hoa Hoi, Phu Yen Province, Vietnam, through the country’s first certified green loan.
The financing comprises a $27.9 million loan funded by ADB, a $148.8 million syndicated loan (B loan) funded by commercial banks with ADB as lender of record, and a $9.3 million loan from Leading Asia’s Private Infrastructure Fund (LEAP). The syndicated loan is the first green B loan in Asia and the Pacific to be certified by the Climate Bonds Initiative, and one of the largest such loans yet mobilized in Vietnam.
Participating commercial banks include Bangkok Bank, Kasikorn Bank, Kiatnakin Bank, Industrial and Commercial Bank of China, and Standard Chartered Bank. Green loans are used to fund new or existing projects that deliver environmental or climate-related benefits.
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