The International Finance Corporation (IFC), a member of the World Bank Group, is funding the development and construction of two wind power projects in Central Viet Nam in the context the nation transitions to cleaner low-carbon power generation to help meet its growing demand for electricity.

The IFC is providing a financing package of US$57 million to Thuan Binh Wind Power Joint Stock Company (TBW), a subsidiary of Refrigeration Electrical Engineering Corporation (REE).

This will enable the construction of two onshore wind power plants — Phu Lac 2 in Binh Thuan Province and Loi Hai 2 in Ninh Thuan Province — with a total capacity of 54.2 megawatt. The plants will generate about 170 million megawatt hours of clean energy per year once they start operating later in 2021.

With a large pipeline of wind and solar power projects, financing package from IFC will help the company channel that renewable energy potential into operation. 

Leveraging its global experience in wind projects, IFC will help ensure that these two projects follow best industry as well as environmental, social, and governance practices.

Driven by robust economic growth, Viet Nam foresees the need for a twofold expansion of its installed power capacity by 2030 to meet increasing electricity demand. 

Renewable energy capacity including rooftop solar is projected to increase by approximately 19 GW to more than 36 GW over the coming decade, at an estimated cost of around US$20 billion, mostly expected to be developed and funded by the private sector.

The IFC is the largest global development institution focused on the private sector in emerging markets. 

The IFC  invested US$22 billion in private companies and financial institutions in developing countries in the fiscal year 2020, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.