Vietnam International Bank (VIB) has finalised a VND1,640bn ($62.68m) credit facility agreement with Duyen Hai Wind Power Joint Stock Company (JSC) to support the construction of the 48MW Duyen Hai wind power plant in Vinh Long province, Vietnam.
Duyen Hai Wind Power JSC is a subsidiary of the Refrigeration Electrical Engineering Corporation (REE).
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The wind power plant will be situated across the communities of Dong Hai, Long Thanh and Ngu Lac and will commence operations by December 2025.
It will supply clean energy to Vietnam’s national grid while stimulating local economic development.
The project will enhance renewable energy and sustainable development in the Mekong Delta region, which is highly susceptible to climate change impacts.
REE deputy CEO Nguyen Ngoc Thai Binh stated: “We highly value VIB’s partnership – a leading financial institution in Vietnam with strong execution capabilities, deep industry insight, and the ability to tailor solutions to the unique nature of each project.
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By GlobalData“Along with REE’s expansion of its footprint in the renewable energy sector, having a reliable financial partner like VIB is a key factor in realising our strategy to green our energy portfolio in the years ahead.”
The Duyen Hai wind power plant is aligned with REE’s strategic plan to grow its renewable energy footprint.
The company has developed more than 2,800MW of generation capacity, with almost 1,700MW from renewable sources such as wind, solar and hydropower.
REE plans to achieve 5GW of total generation capacity by 2035.
VIB has played an integral role as lead financier of the project by offering early-stage advisory services on loan structuring and creating a disbursement schedule customised for the renewable venture’s unique needs.
VIB corporate banking deputy CEO and head Nguyen Xuan Dung stated: “This collaboration with Duyen Hai Wind Power and REE further demonstrates VIB’s commitment to swift execution, practical support, and long-term, responsible partnership with pioneering enterprises like REE – companies that create long-lasting value for society through sustainable development projects.”
