Funding allocated by VIB propels REE's wind energy venture, expediting the shift towards sustainable energy in Vĩnh Long
In a significant move towards sustainable development, the International Bank (VIB) and the Refrigeration Electrical Engineering Corporation (REE), a subsidiary of Duyen Hai Wind Power JSC, have announced a partnership that will finance the Duyen Hai Wind Power Plant in Viñh Long Province.
VIB, known for its flexible financing solutions, swift execution, and robust risk management, is the lead financier for the project, which is scheduled to begin commercial operation by December 31, 2025. The plant, situated across Đông Hải, Long Thành, and Ngũ Lạc communes in Viñh Long Province, will have a designed capacity of 48 MW and will supply clean energy to the national grid.
Nguyễn Xuân Dũng, deputy CEO and head of Corporate Banking at VIB, stated that this collaboration demonstrates VIB's commitment to swift execution, practical support, and long-term, responsible partnership with pioneering enterprises like REE.
REE, with a robust renewable energy portfolio and ambitious expansion plans, currently has over 2,800 MW of installed capacity. Nearly 1,700 MW of this capacity comes from renewable sources, including wind, solar, and hydropower. The company aims to increase its total power generation capacity to 5,000 MW by 2035, strongly committed to the green energy transition and expanding its renewable energy portfolio.
The Duyen Hai Wind Power Project, one of the notable projects in REE's expansion plans, will contribute significantly to this goal. The plant, once operational, is expected to promote socio-economic development in the local communities and support Vietnam's sustainable power goals.
The partnership between VIB and REE extends beyond financing, with the two companies also collaborating on M&A advisory and cross-selling, enhancing the ecosystems of both companies. This collaboration further cements VIB's reputation as a reliable financial partner for leading enterprises committed to sustainable development.
VIB's continued support for REE's large-scale energy projects highlights the bank's strong execution capabilities, agility, and adaptability. As Vietnam continues to prioritise renewable energy, partnerships like this are crucial in driving the country towards its sustainable power goals.
- The International Bank (VIB) has shown its commitment to sustainable development through a partnership with the Refrigeration Electrical Engineering Corporation (REE), which will involve AI-driven financial solutions for the Duyen Hai Wind Power Plant in Viñh Long Province.
- The partnership between VIB and REE is not limited to financing, as the two companies plan to collaborate on M&A advisory and cross-selling, thereby strengthening their respective business ecosystems.
- VIB's role as the lead financier for the Duyen Hai Wind Power Plant underscores the bank's expertise in swift execution, robust risk management, and flexible financing solutions, key factors in the field of finance.
- With a designed capacity of 48 MW, the Duyen Hai Wind Power Plant, once operational, will not only supply clean energy to the national grid but also contribute to the socio-economic development of local communities, aligning with Vietnam's climate-change mitigation strategies.
- As part of its ambitious expansion plans, REE aims to increase its total power generation capacity to 5,000 MW by 2035, with a focus on renewable energy sources like wind, solar, and hydropower, demonstrating the corporation's commitment to the environmental-science industry and the green energy transition.
- In this significant move, both VIB and REE are demonstrating a shared commitment to business practices that prioritize sustainability, trade, and energy innovation, thus playing a vital role in Vietnam's pursuit of a sustainable future.
- The collaboration between VIB and REE in the finance sector, along with their joint efforts in the Duyen Hai Wind Power Project, serves as a potential model for other financial institutions and industries, fostering the growth and competitiveness of the national and global markets.
