Transcript

Viet Nam’s sprawling Phu Yen Solar Power Plant shines as a beacon of progress, generating clean electricity and more opportunities for women.

Viet Nam is among the largest power markets in Asia, with annual consumption expected to increase by 9% annually until 2030.

Viet Nam expects to generate 40% of this needed power from renewable sources and is working to achieve net-zero carbon emissions by 2050.

To meet this demand, the government turned to the private sector in 2017 for greater investments, offering attractive returns for large-scale solar power projects.

However, private sector developers found it challenging to secure more flexible long-term financing.

The Phu Yen TTP Joint Stock Company, the driving force behind Phu Yen Solar, was among these developers.

In 2020, ADB and Phu Yen signed a groundbreaking $182 million financing package for the Phu Yen Solar Power Plant.

With a $145.9 million syndicated green B loan, Viet Nam’s first, the project will mobilize one of the largest commercial cofinancing for renewable energy in the country.

Supporting this is a $27.4 million loan from ADB and a $9.1 million loan from ADB’s Leading Asia’s Private Infrastructure Fund (LEAP).

Beyond powering homes, the Phu Yen Solar Power Plant is set to reduce carbon emissions by 123,000 tons annually.

But this project goes beyond power generation. It is about breaking barriers. In a traditionally male-dominated sector, Phu Yen JSC is embracing gender equality.

With ADB's support, the company is diversifying, providing more opportunities for women in technical and managerial roles.

It is also providing equal pay for women and men and instituting anti-sexual harassment policies to create a safer workplace for women.

The Phu Yen Solar Power Plant intends to secure its long and productive future with a more diverse and inclusive workforce.

ADB Partnerships: Harnessing the power of the sun. Harnessing the power of diversity. Powering Viet Nam.