IFC, a member of the World Bank Group, is funding the development of two wind power projects in Vietnam. Thuan Binh Wind Power Joint Stock Company, a unit of Refrigeration Electrical Engineering Corporation has secured a loan worth $57 million from the IFC for the development of the wind projects.

The two wind power plants, having a combined capacity of 54.2 MW, are Phu Lac 2 in Binh Thuan province and Loi Hai 2 in Ninh Thuan province. The funding will be used for the second phase of the Phu Lac onshore wind energy project in central Binh Thuan province and the Loi Hai 2 wind energy project in central Ninh Thuan province. The plants are expected to produce about 170 million kWh of clean energy per year once they start operating later in 2021. The construction on the projects began in January 2021.

Vietnam’s national power development plan published by Vietnam’s Ministry of Industry and Trade (MOIT) foresees a doubling of wind energy production by 2030 and a tripling of renewable energy production between 2030 and 2045. The plan aims to contains plans to increase wind energy production from 600MW in 2020 to over 11 GW in 2030.  As per the MOIT in Vietnam, the total capacity of renewable energy in Vietnam in the form of commissioned projects and those under proposal to be added to the planning reached 180 GW in January 2021. If all renewable energy sources are approved, the country’s total renewable energy capacity would hit 220 GW by 2030 and 150 GW by 2045.