This is the first syndicated credit arranged by a local bank with full co-financing from foreign bank branches in Vietnam. This event further affirms EVN’s reputation in the financial market as well as credibility and spirit of cooperation and support by domestic donor banks and foreign bank branches.
Phuoc Thai 1 solar power plant is designed at a capacity of 50MWp (in Phuoc Thai commune, Ninh Phuoc district, Ninh Thuan province) invested by EVN. The project has a total investment of nearly VND1,113 billion, using domestic commercial loans and counterfund capital of EVN. It is expected that this project will start in Q4/2019 and be completed after 9 months of construction. When being put into operation, it will contribute about 80.975 million kWh/year to the national electricity system.
Previously, in June 2018, EVN was the first state-owned enterprise in Vietnam to be rated by Fitch Ratings at BB for long-term foreign currency issuer default with “Stable outlook”, equal to the national credit rating. This ranking helps EVN to operate more transparently and integrate more intensively into the world, creating a premise to access new donors as well as new sources of capital for investment and development of power projects in general and renewable energy in particular.