September 13 (Renewables Now) - French renewables business GreenYellow has signed a financing deal to obtain up to USD 13.8 million (EUR 12.8m) in debt to install up to 32.3 MWp of rooftop solar projects in Vietnam.
The loan agreement was signed with the Asian Development Bank (ADB) by GreenYellow Smart Solutions Vietnam Co Ltd, the parent company said on Tuesday.
The funding package consists of a USD-3-million A loan from ADB’s ordinary capital resources and USD 10.8 million in parallel loans from Dutch development bank FMO, a climate fund managed by responsAbility Investments AG and Societe Generale. Additionally, the project will receive a USD-3-million grant from the Climate Innovation and Development Fund (CIDF), administered by ADB.
GreenYellow will allocate the fresh capital to develop and operate photovoltaic (PV) systems atop commercial and industrial business premises across Vietnam. The power plants are expected to generate at least 31.5 GWh of electricity annually, with their output offsetting 15,530 tonnes of carbon dioxide emissions by 2025.
GreenYellow is currently operating in 16 countries across Asia, Africa, Europe, and South America. It has been doing business in Vietnam since 2019.
(USD 1.0 = EUR 0.930)
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