ADB doles out $160.5m loan to Vietnam’s Dau Tieng Tay Ninh Energy

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The Asian Development Bank (ADB) has doled out a $160.5 million loan to Dau Tieng Tay Ninh Energy Joint Stock Company to support its B.Grimm Vietnam solar power project, according to a disclosure.

B.Grimm Power is a subsidiary of Thailand’s 140-year old conglomerate B.Grimm Group. It is developing one of Vietnam’s first independent power producer (IPP) renewable energy projects in collaboration with Dau Tieng Tay Ninh Energy.

The financing package comprises a B-Loan of $128.00 million, a loan of $24 million from leading Asia’s Private Infrastructure Fund (LEAP), and a loan of $8.00 million from ordinary capital resources.

“Less than 1% of Vietnam’s electricity capacity comes from wind and solar energy and rapid scaling up of Vietnam’s solar capacity will demonstrate to the Government of Vietnam that variable renewable energy capacity can help to meet the country’s rapidly growing demand for energy,” ADB said in the disclosure.

Last year, ADB provided a $186 million loan to renewable energy firm Phu Yen TTP Joint Stock Company to develop a 257 megawatt (MW) solar power plant in southern Vietnam.

Phu Yen TTP is a joint venture set up by B.Grimm Power Public Company Limited and Vietnamese diversified group Truong Thanh Vietnam. The Thai listed energy major acquired an 80 per cent stake in Phu Yen TTP for $35.2 million in 2018.

Earlier, the lender and other stakeholders provided a $37.8-million loan for Vietnamese renewable energy company TTC Energy. The financing for the Gulf Solar Power Project will assist TTC Energy in developing and operating a 50-MW photovoltaic solar power plant in Tay Ninh province, southern Vietnam.

The LEAP was established in March 2016. It is an infrastructure co-financing fund, expected to leverage and complement ADB’s existing nonsovereign platform to fill financing gaps and increase access to finance for infrastructure projects in the region. Japan International Cooperation Agency (JICA) has made a contribution to the fund.

Meanwhile, the A/B Loan allows ADB to introduce new financing sources to its clients, mobilising more funds for development projects.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.