US to provide $860,000 assistance to 3 renewable energy projects

By Minh Nga   October 28, 2021 | 08:25 pm PT
US to provide $860,000 assistance to 3 renewable energy projects
An offshore wind farm in the Mekong Delta's province of Bac Lieu in 2020. Photo by VnExpress/Nguyet Nhi
The U.S. Agency for International Development (USAID) has announced it will provide assistance worth $860,000 for three renewable energy projects in Vietnam.

The funding supports the agency's ongoing efforts to reduce risk and transaction costs for project developers to encourage increased private sector investment in Vietnam’s renewable energy development, the U.S. embassy said in a statement.

The projects to benefit are TSV and Asia Renewables’ onshore wind farms (350MW) in Gia Lai Province in the Central Highlands, INGINE Pacific's pilot off-grid wave technology project in the central Quang Ngai Province, and the Bamboo Capital Group's (BCG) offshore wind farms in Ca Mau (300MW) and Tra Vinh (200MW) provinces in the Mekong Delta.

The money will be provided through USAID INVEST.

With a growing private sector and international manufacturing and export base, Vietnam has one of the most dynamic emerging economies in Southeast Asia, but its current investment in energy, infrastructure and health is insufficient to meet its growth and development objectives, according to USAID.

The agency seeks to stimulate international investment in Vietnam and strengthen the capacity of the public and private sectors to work together to finance development priorities, including mitigating the impacts of climate change by supporting Vietnam’s transition to clean energy systems, it added.

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