ADB provides US$13.8 million for rooftop solar projects in Vietnam

HCMC – The Asian Development Bank (ADB) has signed a US$13.8 million deal with GreenYellow Smart Solutions Vietnam Company (GreenYellow) to support rooftop photovoltaic (PV) solar systems. This loan agreement will aid in developing and operating solar PV systems on the rooftops of commercial and industrial establishments across the country. The financing package encompasses a US$3 million ADB ordinary capital resources loan, alongside US$10.8 million in parallel loans from FMO, a climate fund managed by ResponsAbility Investments AG and Societe Generale, with ADB serving as the mandated lead arranger. “As Asia and the Pacific’s climate bank, ADB is increasingly focused on mobilizing private capital to finance renewable energy projects that the region urgently needs,” said ADB Director General for Private Sector Operations Suzanne Gaboury. Rooftop solar is an emerging renewable energy source in Vietnam, hindered by high initial costs and limited funding sources.