Wind Energy

Vietnam inks $1bn wind power deal

A statement for the bank confirmed the loan would be used to fund the construction of a wave of new wind farm plants, including a wind farm in the Bac Lieu Province, which will purchase wind turbines from US engineering giant General Electric.

The deal follows a government announcement on Monday confirming it was committed to developing new wind energy infrastructure in the provinces of Bac Lieu, Soc Trang and Kien Giang in the Mekong Delta region.

In related news, German wind turbine manufacturer Nordex announced that it has secured orders from four wind farm developers in Pakistan for up to 250 MW of wind turbines.

Vietnam Development Bank has signed a letter of credit with the Export-Import Bank of the U.S. for a $1 billion loan to finance the development of wind farm projects in the Mekong Delta.

Vietnam Development Bank has signed a letter of credit with the Export-Import Bank of the U.S. for a $1 billion loan to finance the development of wind energy projects in the Mekong Delta region during the period 2011-2015, the Vietnamese government said in a statement issued late Tuesday.

Ex-Im Bank will make loans and may also serve as guarantor when VDB borrows from international banks. The loans will be used to pay for the construction and equipment of wind turbines projects to be built in Vietnam.

In the first wind farm in Bac Lieu Province, borrowings from Ex-Im Bank will be used to pay for the purchase of wind turbines from U.S. firm General Electric. No details were provided on the financing, or generation capacity, of the wind farm.

The government of Vietnam said that it would boost the development of wind power in provinces such as Bac Lieu, Soc Trang and Kien Giang in the Mekong Delta region.

By José Santamarta, www.evwond.com