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Thailand-based Impact Electrons Siam Ltd (IES) has secured a $692 million financial package from the Asian Development Bank (ADB) for its 600-MW Monsoon wind power project in Laos.
The project will be the first wind farm in Laos and the first cross-border wind power plant in Southeast Asia.
The wind park and a dedicated 500-kV transmission line will be built in the Sekong and Attapeu provinces.
Vietnam Electricity (EVN) will buy the electricity generated by the wind farm under the 25-year power purchase agreement (PPA).
ADB acted as the sole mandated lead arranger and the book runner for the financing transaction that involves developmental and commercial funding.
It is co-financing the project together with the Asia Infrastructure Investment Bank (AIIB), Japan International Corporation Agency (JICA), the Export-Import Bank of Thailand (Thai EXIM), Sumitomo Mitsui Banking Corp (SMBC), Hong Kong Mortgage Corp Ltd (HKMC), Kasikornbank and Siam Commercial Bank.
“Developing economies in Asia and the Pacific face shortfalls in climate investments that are needed to clear a pathway to green growth,” said
According to ADB private sector operations department director general Suzanne Gaboury, the syndication of development and commercial financing for this project bridges the shortfalls in climate investments by mobilizing private capital.
The project is expected to help Laos unlock its wind resources and diversify the country’s hydro generation, which mainly occurs in the rainy season.
Last year, Chinese green tech company Envision Group announced a Letter of Intent (LoI) to supply turbines for the Monsoon project.
