Skip to content
AidData logo

Overview

ICBC contributes $29.76 million to syndicated green loan for 257MW Phú Yên Hoà Hội Photovoltaic Power Generation Project (Linked to Record ID#88700)

Commitments (Constant USD, 2023)$30,704,399
Commitment Year•2020Country of Activity•Viet NamDirect Recipient Country of Incorporation•Viet NamSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 9, 2020
Start (actual)
Nov 17, 2018
End (actual)
Apr 1, 2020

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The photovoltaic power generation project is located in Hoà Hộii Town, Phú Hòa District, Phú Yên Province, Vietnam, with a total installed capacity of 257 MW. The exact location coordinates are: 13.0698, 109.0998 (see “Hoa Hoi solar farm”). More detailed location can be found at: https://www.openstreetmap.org/node/10009461845

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Intergovernmental Organizations

  • Asian Development Bank (ADB)

Miscellaneous Agency Types

  • Leading Asia’s Private Infrastructure Fund (LEAP)

Private Sector

  • Bangkok Bank Public Company Limited (BBL)
  • Kasikorn Bank Public Company Limited (KBank)
  • Kiatnakin Phatra Bank
  • Standard Chartered Bank PLC

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Phu Yen TTP Joint Stock Company (Phu Yen JSC)

Implementing agencies

State-owned companies

  • Anhui Electric Power Construction No.2 Engineering Company (AEPC2)
  • Anhui Electrical Power Construction No.1 Company
  • China Energy Engineering Group Co., Ltd. (CEEC)

Loan desecription

ICBC contribution to $148.8 million to syndicated B loan for 257MW Phú Yên Hoà Hội Photovoltaic Power Generation Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On October 9, 2020, the Asian Development Bank (ADB) and Phú Yên TTP Joint Stock Company (Phú Yên JSC) — a special purpose vehicle and joint venture — signed a $186 million syndicated debt financing agreement for the 257MW Phú Yên Hoà Hội Photovoltaic Power Generation Project. The financing package consisted of a $27.9 million loan funded by ADB, a $148.8 million syndicated B loan financed by a group of commercial banks (including ICBC) with ADB as lender of record (as captured via Record ID#88903), and a $9.3 million loan from Leading Asia’s Private Infrastructure Fund (LEAP). The syndicated loan was the first green B loan in Asia and the Pacific to be certified by the Climate Bonds Initiative and one of the most significant such loans yet mobilized in Viet Nam. Participating commercial banks included Bangkok Bank, Kasikorn Bank, Kiatnakin Bank, Industrial and Commercial Bank of China (ICBC), and Standard Chartered Bank. The purpose of the project was to develop and operate a 257 megawatt (MW) solar power plant in Hoà Hội, Phú Yên Province, Viet Nam through the country’s first certified green loan. The project was expected to deliver electricity to Quang Ngai and Nha Trang cities and surrounding areas, optimize the power structure of Vietnam, ease the power shortage problem in southern Vietnam, and promote economic and social development. It was also expected to reduce 123,000 tons of carbon dioxide annually. The project site is located in Hoà Hội Town, Fuhua County, Phú Yên Province, Vietnam. The Shanxi Institute of Energy China Planning and Design Group was the contractor overseeing the design, while Anhui Electrical Power Construction No.1 Company and Anhui Electric Power Construction No.2 Engineering Company (AEPC2) were in charge of construction, which began on November 17, 2018. The project reached the commercial operation stage in April 2020. The Phú Yên solar farm subsequently started supplying electricity to Electricity of Vietnam (EVN) under a 20-year contract at a feed-in tariff of 9.35 US cents per kilowatt-hour.

Staff comments

1. Phu Yen JSC is a special purpose vehicle that is owned by B.Grimm Power Public Company Limited and Truong Thanh Viet Nam Group Joint Stock Company (TTVN). B.Grimm holds an 80% share of the company. 2. This project is also sometimes referred to as the Phu Yen photovoltaic plant, or Fuan, or Fu Huahui. 3. Green loans are used to fund new or existing projects that deliver environmental or climate-related benefits. 4. Shanxi Institute of Energy China Planning and Design Group is a subsidiary of CEEC. 5. Vietnam Phú Yên Hoà Hội 257MW photovoltaic project is reportedly the largest single photovoltaic power station project in Viet Nam and one of the largest in Southeast Asia. 6. Record ID#88700 captures a 50MW extension of this project.