On June 3rd, 2013, Mr. Nguyen Quang Dung, General Director of the Vietnam Development Bank (VDB) had a meeting with the delegation of Export-Import Bank of the United States (US EXIM) led by Ms. Patricia Loui, Member of US EXIM’s Board of Directors at VDB’s headquarter Ms. Sara Kamp, commercial attaché, US Embassy to Vietnam. Ms. Dao Dung Anh – VDB’s Deputy General Director and Directors of relevant Departments in VDB have attended the meeting.
At the meeting, VDB’s General Director has informed to his US EXIM counterpart about the completion of the first phase of Bac Lieu wind farm project, the one that is expected to be supported within the US EXIM one billion credit line with VDB. The project has been connected to the national electricity grid. Project owner has also made adequate facilities for the second phase, such as transmission line, transformers, as well as foundation pillars for turbines. The goal is to finish 52 turbines installation and start generate electricity in the second quarter of 2014. The next phase of the project will be funded from international financial institutions through VDB with US EXIM guarantee as a part of one billion credit line committed by US EXIM to VDB for the wind power program in the Mekong delta.
Having reconfirmed Vietnamese Government priority to develop clean energy in general and wind power in particular and VDB’s assigned functions to finance the energy development plan, Mr. Nguyen Quang Dung called US EXIM and the US Embassy to Vietnam for support to project owner in negotiation of commercial contract with US equipment providers and loan negation with the financial institution for the second phase of the project
Ms. Patricia Loui congratulated the initial success of the project and expressed US EXIM’s strong commitment in supporting VDB and the project. The US EXIM participation in Bac Lieu Wind Power will be the first act in SE Asia of President Barack Obama’s program to develop clean energy sources and renewable energy in the perspective of fighting against climate change effect.,
It would be being the practical action to support Vietnam in the clean energy development. Ms. Patricia Loui agreed with Mr. Nguyen Quang Dung on Vietnam’s clean energy need and the wind power potential in the Mekong Delta. To meet the above needs as well as to exploit the full potential of the wind power, US EXIM will consider to raise the credit limit for VDB up to USD 1.5 billion ( 50% higher than the current one).
Bac Lieu wind farm project is invested by Cong Ly construction, trade and tourism Co Ltd. This is the second wind power project in Vietnam and the first of this kind in the Mekong Delta. The project 62 turbines with capacity of 1.6 MW each (99,2 MW in total) generating about 320 million kWh / year. The project is located in 500 ha of coastal mudflat area in Bac Lieu province Total cost of investment is VND 5.200 billion.
The first phase of the project has currently been completed with installation of 10 turbines totaling 16 Mw, generating a total output of 56 million KWh/year and has been connected to national electricity grid. The remained 52 turbines will be installed in the second phase of the project and become operational in mid 2014.
VDB will finance the second phase of the project. The funding source will be mobilized through international financial institution with US EXIM guarantee.
Source: VDB