GreenYellow Smart Solutions Vietnam Co., Limited will loan up to USD 13.8 million from the Asian Development Bank for the development of rooftop solar photovoltaic (PV) systems with installed capacity of up to 32.3 MW, and a clean energy supply of at least 31.5 GWh annually.
Sep 11, 2023
GreenYellow Smart Solutions Vietnam Co., Limited has signed a loan agreement of up to USD 13.8 million with the Asian Development Bank (ADB). The loan will be applied for the development and operation of solar photovoltaic (PV) systems located on the rooftops of commercial and industrial businesses across Vietnam. The project will have a total installed capacity of up to 32.3 MW at its peak, helping to increase clean energy supply to the sector by at least 31.5 GWh annually, reducing 15,530 tons of CO2 emissions by 2025.
The loan package comprises of USD 3 million loan from ADB’s ordinary capital resources and USD 10.8 million parallel loans from FMO. The USD 3 million grant from the Climate Innovation and Development Fund (CIDF), administered by ADB, will also be provided. CIDF, established in 2021, is a blended finance facility managed by ADB, with the potential to unlock up to USD 500 million in private sector and government investments to support sustainable low-carbon economic development.
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Mr. Sebastien Prioux, Chief Executive Officer of GreenYellow Vietnam, stated, “Embedded within our core business is a profound commitment to development impact, and our collaboration with ADB uniquely aligns with our corporate mission toward innovative power distribution and driving energy transition. ADB’s instrumental role in fostering connections among like-minded partners is integral to our collective journey in actively advancing sustainable development.”
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Ms. Suzanne Gaboury, Director General for Private Sector Operations at ADB, said, “As Asia and the Pacific’s climate bank, ADB is increasingly focused on mobilizing private capital to finance renewable energy projects that the region urgently needs. Solar PV rooftop offers an efficient way for Viet Nam to deploy substantial amounts of additional renewable energy capacity while providing reliable, low-cost energy to consumers, which helps to attract and retain business and enhance Viet Nam’s global competitiveness.”
