TTC Energy signs loan with ADB for Vietnam solar PV project
TTC Energy signed a $37.8 million loan with the Asian Development Bank to finance development of a 50MW solar PV plant in Vietnam on 22 January.
The project, also known as the Gulf Solar Power Project, located 50km northwest of Ho Chi Minh City, will directly serve the electricity demand of residents and businesses of the major city and surrounding areas.
The facility, which comprises a $11.3 million A loan and a B loan of up to $18.9 million was provided by Bangkok Bank, Siam Commercial Bank, and Standard Chartered, ensures the bankability of the project and will help catalyse commercial financing for the scheme.
An additional $7.6 million loan was provided to the Vietnamese firm by the Leading Asia’s Private Infrastructure Fund, which is supported by the Japan International Cooperation Agency. These proceeds will allow other lenders to provide long-tenor, US dollar-denominated financing, according to the ADB.
