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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Funding secured for south-east Asia’s largest onshore wind project
19/4/2023
News
A Mitsubishi Corporation-led venture has secured a $692mn finance package for the 600 MW Monsoon cross-border wind project in Laos, which reportedly will be the largest onshore wind farm in south-east Asia.
The funds will come from the Asian Development Bank, Japan International Cooperation Agency, Sumitomo Mitsui Banking Corporation, and other lenders.
To be built in the Sekong and Attapeu provinces of southern Laos, the Monsoon onshore wind farm will sell its electricity to Vietnam’s state-owned power company Vietnam Electricity under a 25-year contract. Construction is expected to complete in 2025.
Understood to be the first cross-border renewable energy project in the ASEAN (Association of South-East Asian Nations) region, some 5 GW of electricity is expected to be transferred from Laos to Vietnam by 2030.
The Vietnamese government has set a target to curb the country’s carbon emissions by 27% by 2030, with wind and other renewable energies forming part of its 8th National Power Development Plan, which is currently under preparation. The Monsoon project is considered a key contributor to the plan.
Meanwhile, by partnering on this project, the government of Laos expects to secure more foreign capital that will aid the country’s economic growth and development. It is also hoped that, in strengthening cross-border power-transmission infrastructure, the Monsoon project will help to raise the average standard of living in Laos, reports Mitsubishi, which is participating in the project via its wholly owned subsidiary Diamond Generating Asia.
