AFRY supports Asian Development Bank in its first wind farm project in Vietnam

AFRY provides Lender’s Technical Advisory services for 144 MW wind farms in Vietnam – a project that continues supporting the clean energy transition in the country. The project is financed by green loans from Asian Development Bank, Japan International Cooperation Agency, Export Finance Australia and international co-financiers.

As mandated lead arranger and bookrunner, the Asian Development Bank (ADB) recently led a $173 million green loan to build and operate three wind farms, totalling 144 MW in the Quang Tri Province, Vietnam. This is ADB’s first financing of a wind power project in Vietnam and it is certified by the Climate Bonds Initiative. 

During the technical due diligence phase AFRY worked as the Lender’s Technical Advisor (LTA) for the three wind farms and is now set to continue to act as the LTA during the project construction and operation phases until the loan is repaid, covering technical as well as environmental and social aspects of the project. 

“AFRY is one of the most experienced Lender’s Technical Advisors for power projects in Vietnam and in South East Asia, and is committed to support the governments in the region with their energy transition. We trust that through our technical expertise we will be able to positively contribute to renewable energy projects such as these, and be a pivotal partner for the project lenders and sponsors,” says Petteri Härkki, AFRY Regional Director Asia.

AFRY has a track record of providing owner’s engineering services for construction of over 10,000 MW of thermal, hydro, wind and solar power in Vietnam, representing over 15% of the installed power generation capacity. In addition, AFRY has been Lenders Technical Advisor in over 5,000 MW of power generation projects in Vietnam.

The three wind farms are owned by Power Construction Joint Stock Company No.1 (PCC1), a Vietnamese leading company in power construction and renewable energy development, and RENOVA, Inc., a Japanese renewable energy developer and power producer in Asia.

For further information, please contact:

Petteri Härkki, Regional Director Asia, Thermal Power and Renewable Energy

+66 81 854 3712

Nguyen Thanh Quang, Business Development Manager, Vietnam 

+84 91 640 1891

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