WB to Lend US$202M to Green Energy Development in Vietnam
The World Bank (WB) plans to lend a combined US$202 million to renewable energy development project (REDP) in Vietnam in the 2009-2014 period.
The WB will provide the three-year loans to investors of renewable energy projects via three banks of the Bank for Investment and Development of Vietnam (BIDV), Vietnam Bank for Foreign Trade (Vietcombank), and Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).
Institutions, companies and investors that invest in renewable energy projects with a maximal capacity of 30 MW and entirely generating electricity from wind energy, solar energy, hydropower, biomass and biogas are eligible.
Investors can borrow a maximal 80% of the funding the Vietnamese banks receive from the WB.
The project costs a total of US$318.05 million, including US$202 million loans from the WB and the rest of 113.78 million in Vietnam’s reciprocal capital.
Renewable energy accounts for just 0.2% of Vietnam’s total energy sources.
The country expects to raise the amount of energy produced from renewable sources to 3% of the country’s total commercial power supply by 2010 and to 5% by 2020. (Vietnam & World Economy)
Vietnamese
