Monday,  Oct 26, 2020,06:12 (GMT+7) 0 0
JICA finances one of the largest solar power plants in Vietnam
By Le Anh
Saturday,  Oct 10, 2020,11:21 (GMT+7)

JICA finances one of the largest solar power plants in Vietnam

By Le Anh

The Phu Yen solar power plant – PHOTO: COURTESY OF JICA

HCMC – On October 9, the Asian Development Bank (ADB) signed a loan agreement that utilized the Leading Asia's Private Infrastructure Fund (LEAP) funded by the Japan International Cooperation Agency (JICA) for one of the largest solar power projects in Vietnam aimed at reducing the dependence on coal and diesel fuel while promoting the utilization of clean energy resources.

This investment will provide a long-term loan for the construction and operation of a 257-megawatt solar power project in the south central province of Phu Yen. ADB's financing includes a US$9.3 million loan provided by LEAP.

The project is also the first green loan in Vietnam to be certified under an international certification scheme.

It is expected to meet the increasing power demand in tourist areas such as Quang Ngai Province and Nha Trang City, which are located near the project site, and reduce carbon dioxide emissions by 123,000 tons per year.

The LEAP Fund is part of the follow-up measure for the “Partnership for Quality Infrastructure”, which was announced by the Japanese government on November 21, 2015. Targeting high quality private infrastructure projects in the Asia-Oceania region, the fund provides assistance for such projects organized under various arrangements, such as public-private partnerships.

In March 2016, JICA approved US$1.5 billion in private sector investment financing for the LEAP Fund. The LEAP Fund provides support for a wide range of sustainable infrastructure projects undertaken by the private sector in the ADB member countries of the Asia-Pacific region and is directed toward projects in fields such as the reduction of greenhouse gas emissions, energy efficiency and provision of medical services at reasonable prices.

“JICA will continue its collaboration with countries and international organizations to promote quality infrastructure investment and contribute to social and economic development in developing countries and regions based on the Sustainable Development Goals,” the agency said in a statement.

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