Viet Nam: Thuan Bac Solar Project (AIIB-000773)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Thuan Bac district, Ninh Thuan province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 1, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Xuan Thien Ninh Thuan JSC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Aug 15, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the AIIB, the objective of the project is to provide long-term financing and enhance climate resilience for existing solar photovoltaic (PV) assets in Viet Nam by upgrading and operating the Project solar PV plants.

The Project involves the upgrading and operating of 200MW solar PV plants located in the southern-central coastal area in the Thuan Bac district, Ninh Thuan province of Viet Nam. The solar PV plants have been in operation since achieving commercial operations dates in April and June 2020.

The proposed AIIB loan will support project operation and upgrade capital expenditures to mitigate climate vulnerability and enhance Project climate resilience.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the Financial Times, EDP Renovaveis SA, also known as EDPR, is a Spain-based company active in the renewable energy sector. The Company concentrates on the production of energy from renewable resources. The Company's activities comprise the development, operation and maintenance of such electric power stations as hydroelectric, wind, solar, tidal, biomass and waste plants, among others. It operates [worldwide, with major operations] in Spain, Portugal, Belgium, France, Italy, Poland, Romania, the United Kingdom, Brasil, the United States, as well as Canada.

The borrower, Xuan Thien Ninh Thuan JSC, is part of the Xuan Thien Group. Founded in December 2005, Xuan Thien Group invests in renewable energy infrastructure (including wind, solar, and hydropower), mechanical engineering, civil and industrial construction, professional and skilled machinery installation. The group operates in Vietnam through its subsidiary companies.

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
EDP Renováveis, S.A. Contractor Energy contracts with Xuan Thien Group Parent Company Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

AIIB Team Leaders:

Ji Qi - Investment Operations Specialist
Email: ji.qi@aiib.org

Zhou Lin - Investment Operations Specialist
Email: zhou.lin@aiib.org

Borrower - Xuan Thien Ninh Thuan JSC:

Dinh Nguyen - Country Manager
Email: Dinh.nguyen@edp.com / info@xuanthiengroup.vn
Address: My Nhon Hamlet, Bac Phong Commune, Thuan Bac District, Ninh Thuan Province, Vietnam
Phone: +84 2596 267 996
Website: https://xuanthiengroup.vn/

Implementing Agency - EDP Renováveis, S.A.:

Susana López Blanco - APAC Finance Director
Email: susana.lopez@edp.com
Address: Centro Empresarial Parque Norte Building, Madrid 28033, Spain
Phone: +34 902830700
Fax: +34 914238410

 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

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How it works