The Asian Development Bank (ADB) has signed a $13.8m loan agreement with GreenYellow Smart Solutions Vietnam to support the installation of rooftop photovoltaic (PV) solar systems in Vietnam.
GreenYellow is a French energy transition partner that focuses on decentralised solar PV production as well as energy efficiency, storage and monitoring services.
The rooftop solar installations on the rooftops of commercial and industrial (C&I) businesses will enhance the supply of clean and affordable energy for C&I consumers in Vietnam.
ADB Private Sector Operations director-general Suzanne Gaboury said: “As Asia and the Pacific’s climate bank, ADB is increasingly focused on mobilising private capital to finance renewable energy projects that the region urgently needs.
“Solar PV rooftop offers an efficient way for Vietnam to deploy substantial amounts of additional renewable energy capacity while providing reliable, low-cost energy to consumers, which helps to attract and retain business and enhance Vietnam’s global competitiveness.”
The financing package includes a $3m A loan from ADB’s ordinary capital resources and $10.8m of parallel loans from FMO, a climate fund managed by responsAbility Investments and Société Générale, where ADB serves as a mandated lead arranger.
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With a planned installed capacity of nearly 32.3MW, the project aims to increase clean energy supply to the sector by 31.5 gigawatt-hours per year, while displacing 15,530 tonnes of carbon emissions by 2025.
For ADB, it is the first financing for a solar PV rooftop portfolio for the C&I segment in Vietnam.
GreenYellow Vietnam CEO Sebastien Prioux said: “Embedded within our core business is a profound commitment to development impact and our collaboration with ADB uniquely aligns with our corporate mission toward innovative power distribution and driving energy transition.
“ADB’s instrumental role in fostering connections among like-minded partners is integral to our collective journey in actively advancing sustainable development.”