Halcom Vietnam signed an export credit agreement with Landesbank Baden-Württemberg, the fourth largest bank in Germany, on September 19, 2019. The first disbursement date of the loan was December 20, 2019. The loan is used for importing 6 wind turbines that Siemens Gamesa Renewable Energey (SGRE), the world’s leading wind turbine manufacturing and supply company, supplies to Phuong Mai 3 Wind Farm project in Quy Nhon, Binh Dinh.
The loan is guaranteed by the Bank for Investment and Development of Vietnam (BIDV) and insured by Export Credit Agency EKF from Denmark. This is the 2nd export credit project among 3 projects of Landesbank in Vietnam. After 10 months of negotiation and cooperation, Phuong Mai 3 Wind Farm becomes the second project in Vietnam in the field of renewable energy than can access export credit. This is considered an important milestone for Halcom Vietnam as it is very difficult for local private enterprises to access international capital with low loan costs. This helps improve the financial efficiency of the project, and strengthen international cooperation as well, encouraging more foreign investment in Vietnam, creating a premise for export credit agencies to support renewable energy projects in Vietnam in the future.
Phuong Mai 3 is invested by Central Wind Power JSC. (CWP) – a member of Halcom Vietnam. The total capacity of the plant is 21 MW with total investment of 40 million USD. This is the first project of Halcom Vietnam in the field of renewable energy with professional investment, consulted and constructed by international leading contractors. AIF Group (Laos) and Shizen Energy Group (Japan) are the two strategic partners of the project. The plant will supply over 70 millions kwh to the national electrical grid per year, reduce the emission of 50,000 tons of CO2 per year with the estimated annual revenue of 200 billion dongs. This will be the first wind farm operation in Binh Dinh province and among one of the largest capacity wind power projects nationwide. As planned, the plant will integrate into the national electrical grid in Feb, 2020.