Japanese conglomerate Mitsubishi along with other project sponsors have secured funding for the 600MW Monsoon cross-border wind project in Laos.
In this regard, the parties reached a $692m loan agreement with the Asian Development Bank, Japan International Cooperation Agency, Sumitomo Mitsui Banking Corporation as well as other lenders.
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Mitsubishi is associated with the project through its subsidiary Diamond Generating Asia.
To be located in Sekong and Attapeu provinces in Southern Laos, the 600MW wind farm will comprise of 133 turbines and will be one of the largest wind farms in Southeast Asia.
It will be located at an elevation between 1,200 and 1,600m above sea level.
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Construction on the project is expected to begin in this year, with operations anticipated to commence in 2025.
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By GlobalDataOnce complete, the power from the wind farm will be sold to Vietnam’s state-owned electric power company Vietnam Electricity, for a period of 25 years.
It is also expected to help offset more than 35 million tons of CO2 emissions during its lifetime.
Last month, Asian Development Bank (ADB) agreed to provide the loan for the project.
The project will be central to a shared plan by the two governments, which signed a memorandum of understanding (MoU) in 2016. The plan is to transmit 5GW of electricity between Laos and Vietnam by 2030.
The wind farm is expected to generate power in the dry season when hydropower, the main power source in Vietnam, will be limited.
It will contribute to stabilising the country’s power system and make its energy mix greener. The country has a target to reduce 27% of its carbon emissions by 2030.
