Duyen Hai Wind Power JSC, a subsidiary of the Refrigeration Electrical Engineering Corporation (REE), has already closed $62 million in financing. This investment is from Vietnam International Bank (VIB) and will be used for developing the Duyen Hai wind power plant. This ambitious capital project will be starting operations by December 2025. It will target a capacity of 48 megawatts (MW), and it will be strategically located within the communities of Dong Hai, Long Thanh and Ngu Lac in Vietnam’s Mekong Delta region.
The Duyen Hai wind power plant increases renewable energy production. It further encourages responsible development in a region that is one of the most susceptible to the effects of climate change. By contributing clean energy to Vietnam’s national grid, the project aligns closely with REE’s broader strategic goal of achieving a total generation capacity of 5 gigawatts (GW) by 2035. As a result, REE has pioneered the development of over 2,800 MW of generation capacity. Nearly 1,700 MW of that is attributed to renewable energy generation—from wind, solar, and hydropower.
Economic Stimulus and Renewable Energy Growth
The Duyen Hai wind power plant will promote local economic development. Beyond its climate benefits, it will help grow Vietnam’s renewable energy industry. This project demonstrates REE’s deep commitment to furthering its renewable energy footprint. This effort is especially important in a region that has been at the forefront of many environmental struggles.
Nguyen Ngoc Thai Binh, a business representative from REE, in particular stressed the need for VIB’s collaboration on this front.
“We highly value VIB’s partnership – a leading financial institution in Vietnam with strong execution capabilities, deep industry insight, and the ability to tailor solutions to the unique nature of each project.” – Nguyen Ngoc Thai Binh
This Duyen Hai wind power plant will bring clean energy to the middle of Vietnam. It will serve as a platform for economic development throughout the Mekong Delta. Vietnam has a clear geopolitical motive in promising to put sustainable development projects first. Federal support for initiatives like this one protects our natural environment while strengthening economic opportunity and regional prosperity.
VIB’s Role as Lead Financier
VIB has played an important role as the primary financial partner for the Duyen Hai wind power plant investment project. The bank has offered early-stage technical assistance with financing structuring. Their initial work included developing a specialized disbursement schedule specific to the idiosyncrasies of the project. This continued level of support proves VIB’s commitment to building responsible relationships with forward-thinking firms such as REE.
Mr. Nguyen Xuan Dung, one of the important leaders of VIB, expressed the bank’s determination to accompany sustainable development programs.
“This collaboration with Duyen Hai Wind Power and REE further demonstrates VIB’s commitment to swift execution, practical support, and long-term, responsible partnership with pioneering enterprises like REE – companies that create long-lasting value for society through sustainable development projects.” – Nguyen Xuan Dung
VIB is providing financing for the Duyen Hai wind power plant. This step will not only enhance the development of renewable energy in Vietnam, but it confirms VIB’s position as a pioneer in financing for green projects in Vietnam.
Looking Towards the Future
The Duyen Hai wind power plant is moving ahead in healthy stride. It highlights REE’s strategic vision to diversify its renewable energy portfolio and address the environmental justice imperative. For VIB, the approval of this project is a big step forward to a greener, more sustainable Vietnam. From a practical standpoint, we’ve got a pretty tight operational clock to follow.