50-megawatt wind farm for Vietnam

Vietnam wants to reduce its_{CO2 emissions} to zero by 2050. This was announced by the Vietnamese Prime Minister at the 26th World Climate Change Conference 2021 in Glasgow (COP 26). At the same time, the Minister of Industry and Trade signed the so-called Coal-to-Clean Statement, with which the country documented its decision to phase out coal power.

To date, Vietnam has generated a large proportion of its electricity from burning coal. The Vietnamese government wants to change this and is supporting the promotion of renewable energies through tax and financial incentives.

Wind energy is set to make an important contribution to the country's electricity supply in the future: wind turbines are expected to supply around 16,000 megawatts of electricity by 2030. Vietnam does not yet have the technology and expertise to build wind turbines, meaning that supplies from abroad are necessary.

As one of the leading industrial nations, Germany recognizes its special responsibility for global climate change and supports other countries in their national energy transition. One measure to accelerate decarbonization is to secure climate-friendly projects as part of the Special Initiative for Renewable Energies.

A 50-megawatt wind farm in Vietnam was also financed under the Special Initiative for Renewable Energies. The German government provided insulated buyer credit cover for this project. Landesbank Baden-Württemberg (LBBW) ensured the realization of the project with a loan of around EUR 35 million. "Thanks to the special initiative for renewable energies, we are increasingly able to offer attractive financing for projects in emerging countries such as Vietnam for export-oriented German companies," says Nanette Bubik, Head of Export Finance at LBBW.