Asian Development Bank (ADB) has provided a US$37.8 million loan to Vietnamese firm TTC Energy to develop and operate a 50MW solar PV plant in Tay Ninh Province in Vietnam. The loan for the Gulf Solar Power Project comprises a US$11.3 million A loan, while a B loan of up to US$18.9 million was funded by Bangkok Bank, Siam Commercial Bank, and Standard Chartered Bank (Thai). The innovative project finance structure, said an ADB release, ensures the bankability of the project and will help catalyse commercial financing for the PV project.

An additional US$7.6 million loan was provided by the Leading Asia’s Private Infrastructure Fund, which is supported by the Japan International Cooperation Agency. This loan should allow other lenders to provide long-tenor, US dollar-denominated financing. The solar power project, planned 50 kilometres northwest of Ho Chi Minh City, will directly serve the electricity demand of residents and businesses of the major city and surrounding areas.