Astris Finance is pleased to announce the successful closing of the debt financing for the 49.5-MWp Cat Hiep Solar Power Plant Project (the “Project”), arranged with one of Vietnam's largest banking groups.
Quadran International developed the Project, in association with Truong Thanh Vietnam Group (TTVN). Astris Finance acted as the sole financial advisor to the project company and sponsors.
The Project is the first solar power plant developed in Vietnam by Quadran International. It is currently under construction, with the goal of reaching commission in June 2019. The target annual production of the Project is approximately 76.5 MWh, which will supply energy to 40,000 homes in South Central Vietnam. The Project secured a 14-year project finance package on a non-recourse basis.
A credit agreement between the Project company and the domestic bank was signed on March 7 at the French Embassy of Hanoi. His Excellency M. Bertrand Lortholary, Ambassador of France, was in attendance.
Hugo Virag, who heads Astris Finance’s operations in Southeast Asia, said, “We thank Quadran International for its confidence in Astris Finance’s ability to secure long-term project financing in a very short time frame. On the back of the first Vietnamese renewable debt financing that we closed in the wind sector in mid-2018, we were confident we could replicate the same project finance package in the solar sector while significantly fast-tracking the credit process. We achieved a time frame of four months from due diligence and structuring to signing the credit documentation."
Fabrice Henry, CEO of Astris Finance, said: “This transaction is another important milestone for both the Vietnamese renewable sector and the Vietnamese banking sector, as it sets a project finance standard in line with international best practices. This second closing in less than 12 months confirms the breakthrough of the wind financing we arranged in the summer of 2018 and bodes well for the future of renewable financing in Vietnam.”
For any inquiries, please contact Mr. Hugo Virag via email (hugo.virag@astrisfinance.com) or at +65 6809 3718