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AFD finances €70 million for Hoa Binh hydropower plant extension project

VGP – The signing ceremony of a credit facility agreement, worth €70 million, for Hoa Binh hydropower plant extension project between the French Development Agency (AFD) and Viet Nam Electricity (EVN) was held in Ha Noi on November 10.

11/11/2021 10:44

The signing ceremony of a credit facility agreement for Hoa Binh hydropower plant extension project between the French Development Agency (AFD) and Viet Nam Electricity (EVN), Ha Noi, November 10, 2021 - Photo: VGP/Toan Thang

The project involves the construction of two turbines with a combined capacity of 480MW and has a total investment of VND9.22 trillion (nearly US$408 million), 70 percent of which is commercial loans, including the €70 million loan from the AFD.

Speaking at the signing ceremony, AFD Director in Viet Nam Herve Conan said that the AFD and EVN has decided to expand partnership to the key project in energy transition in Viet Nam.

The signing of the agreement is suitable with the Vietnamese Prime Minister’s strong statements made at the 26th UN Climate Change Conference of the Parties (COP26) and demonstrates the EVN’s trust in the AFD, he added. 

Herve Conan affirmed that the EVN’s ambition to sustainably develop energy matches with the AFD’s strategy that all of its projects be 100 percent compatible with the Paris Agreement.

Once completed, the project is expected to improve power generation for the Northern region and reduce production costs. The expansion of the project will help increase the annual electricity output by about 495 million kWh, thus helping replace fossil fuel in power generation and cut down greenhouse gas emissions.

By Thuy Dung