WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
AFD advances Vietnam’s renewable power strategy
Linh Pham 19:02, 2019/11/11
This is the latest loan of AFD's more than US$2 billion for sustainable development projects in Vietnam.

The French Development Agency (Agence Française de Développement or AFD) has funded EUR24.2 million (US$26.7 million) for a solar power project in Vietnam as part of efforts to help the country intensify its renewable power strategy.

 Nguyen Xuan Nam, deputy general director of Vietnam Electricity (EVN), and Rémi Genevey, director of AFD’s East Europe, Middle East, and Asia Department, signed agreement for Se San 4 project. Photo: EVN

Signed last month by Rémi Genevey, director of AFD’s East Europe, Middle East, and Asia Department, and Nguyen Xuan Nam, deputy general director of Vietnam Electricity (EVN), the non-guaranteed loan will finance the 49-MW Se San 4 solar farm in the Central Highlands province of Kon Tum.

The loan is in line with AFD’s support to Vietnam in the energy transition switching to low-carbon sources that Vietnam has committed to pursue following the Paris Agreement.

Se San 4 is EVN’s first solar farm which makes full use of infrastructure and network set for Se San 4 Hydropower Plant.

The latest funding indicates the long-term partnership between AFD and EVN which has lasted for more than two decades.

This is AFD’s second non-guaranteed loan in Vietnam and it will not affect the country's public debt. AFD and EVN plan to make other direct loans for hydropower and power transmission projects which are in need of capital amid the decreasing guaranteed loans.

Vietnam has struggled to feed the fast-growing economy, including the annual power growth rate of 10%. The country, therefore needs to raise the power capacity from 60 gigawatts (GW) in 2020 to 129.5 GW by 2030.

For sustainable growth, Vietnam has been switching to renewable energy with significant investment in solar and wind power.

AFD has operated in Vietnam since 1994, funding the country more than EUR2 billion (US$2.2 billion) in 86 sustainable development projects.

RELATED NEWS
TAG: AFD EVN Se San 4 solar farm Kon Tum energy transition renewable energy low-carbon.
Other news
17:35, 2024/11/23
Hanoi gears up for Tet: ensuring a steady supply of safe food
The city will work closely with other cities and provinces to ensure that consumers in the capital have access to safe food and agricultural products.
14:47, 2024/11/15
Year-end hiring spree as Hanoi companies ramp up recruiting
In the fourth quarter, many major holidays will lead to increased hiring as companies finalize orders and anticipate new projects.
13:33, 2024/11/14
Vietnam's digital economy expected to grow big in 2024
E-commerce is expected to reach US$22 billion in 2024, leading the growth of Vietnam's digital economy.
22:03, 2024/11/13
Incheon-Hanoi conference marks milestone in tourism development cooperation
Hanoi and South Korea's Incheon aim to increase their visibility among Vietnamese and international travelers through a series of events to promote MICE (Meetings, Incentives, Conferences and Exhibitions) tourism and medical tourism to Vietnam.
14:21, 2024/11/12
Hanoi's businesses place focus on digital transformation
Businesses need to utilize digital technologies to streamline operations, increase efficiency, and provide greater value to customers.
03:04, 2024/11/08
Semiconductor market reaches $18.2 billion: SEMIEXPO Vietnam 2024
Vietnam a key player in tackling the challenges facing the global semiconductor supply chain.