The Asian Development Bank (ADB) has announced a $107 million financing project with BIM Wind Power Joint Stock Company (BIM Wind) in support of wind energy development in Vietnam.

The project aims to help the country reach its clean energy and climate action targets by offsetting about 215,000 tons of carbon dioxide annually with an 88-megawatt wind farm in Ninh Thuan province. ADB will serve as lead arranger and bookrunner for the project, which includes financing totaling $25 million from ADB’s ordinary capital resources, $25 million from Japan International Cooperation Agency, $13 million from Hong Kong Mortgage Corporation Limited, $17 million from Sumitomo Mitsui Banking Corporation, $18 million from ING Bank, and $9 million from Cathay United Bank.

To help de-risk the investment, ADB will administer a $5 million grant from the Climate Innovation and Development Fund, a philanthropic fund that was established by Goldman Sachs and Bloomberg Philanthropies. The grant will support initiatives to mitigate environmental and social risks such as the shadow flicker impact on residents and wildlife habitat preservation.

“We are very honored to receive financing from a leading development finance institution in Asia as well as international commercial banks. We have worked very hard with ADB and other lenders to meet international standards, especially in regard to environment, social, and governance,” said BIM Wind CEO Doan Quoc Huy. “The success of this transaction supports Vietnam’s transition to a low-carbon economy. We continue to pursue our mission toward the sustainable development of clean energy in Vietnam.”

(Photo credit: Getty Images/Filippo Bacci)