Target Information

Pacifico Energy Vietnam (PEV), a subsidiary of Pacifico Energy Group (PEG), has successfully secured senior debt financing of up to $28.5 million from VietinBank for the development of its Sunpro Wind Farm project. Located in Vĩnh Long province, this 30 MW wind farm project is a significant initiative and represents PEG’s second major power project in Vietnam. The facility is expected to generate approximately 89.5 GWh of electricity annually, which equates to about one month’s worth of energy consumption for the Vĩnh Long area.

The Sunpro Wind Farm will utilize seven Goldwind turbines to produce an average of 245 MWh daily, capable of fully charging five 50-MWh grid batteries. With plans to commence commercial operations by the end of the third quarter of 2025, the project is backed by a power purchase agreement (PPA) with Electricity of Vietnam (EVN), further solidifying its importance within the region’s energy landscape.

Industry Overview in Vietnam

Vietnam's renewable energy sector is experiencing dynamic growth, driven by ambitious targets set under the Revised Power Development Plan VIII (PDP8). The Vietnamese government aims to achieve a commercial electricity output of 500 to 558 TWh by 2030, necessitating a consistent double-digit growth in energy demand. Such growth cuts across various industries, spurred by the increasing use of advanced technology and manufacturing processes, indicating a vibrant future for renewable projects like the Sunpro Wind Farm.

In the Mekong Delta region, the addition of reliable utility-scale energy sources is vital for supporting both industrial and residential electricity needs. Vietnam’s wind and solar energy sectors are gaining momentum, supported by robust governmental policies and rising public-private partnerships that facilitate investment and technological transfer.

As the country enhances its infrastructure and supports local economies, projects like the Sunpro Wind Farm epitomize the transition towards sustainable power generation. The financial backing from state-owned banks, such as VietinBank, underscores the confidence in the renewable energy market and the capabilities of developers like PEG.

Rationale Behind the Deal

The financing secured from VietinBank is a critical move for Pacifico Energy, aligning with Vietnam's energy goals and demonstrating a sustainable path forward for the country’s energy landscape. Given the intensifying demand for reliable energy amid rapid economic growth, the Sunpro Wind Farm is positioned to contribute significantly to the country's electricity supply, aiding in national energy stability.

This project also represents a strategic initiative for Pacifico Energy in building a strong portfolio within the Vietnamese regulatory framework, thereby unlocking further development opportunities not only in Vĩnh Long but across the Mekong Delta.

Investor Information

VietinBank, one of Vietnam's largest state-owned banks, plays a pivotal role in financing major energy projects across the nation. With a strong emphasis on sustainable development, VietinBank's support for the Sunpro Wind Farm demonstrates its commitment to enhancing Vietnam’s renewable energy capacity. This collaboration also highlights the bank’s strategic approach to creating long-term partnerships with key players in the energy sector.

Pacifico Energy Group, the parent company of PEV, has established itself as a leading developer of renewable energy projects worldwide. With extensive experience in raising and investing $5 billion across global infrastructure, Pacifico aims to continue its expansion and deliver innovative energy solutions tailored to various markets, particularly in Asia.

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The Sunpro Wind Farm presents a promising investment opportunity that aligns with both local and global trends in renewable energy. The strategic financing from VietinBank not only demonstrates confidence in Pacifico Energy’s management and execution capabilities but also positions the project favorably within Vietnam's energy goals.

Considering Vietnam's increasing demand for electricity amid rapid industrial growth, the addition of reliable energy sources like the Sunpro Wind Farm is essential for ensuring energy security in the region. Moreover, the project’s commitment to local employment and community contributions enhances its reputation and ensures positive stakeholder engagement.

In conclusion, this investment reflects a forward-thinking approach in the renewables sector, making it a commendable addition to Pacifico Energy’s portfolio, one that is anticipated to yield significant returns while supporting Vietnam’s ongoing commitment to sustainable energy development.

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