(BCG) On 22 July 2020, Bamboo Capital Group (BCG) received VND 11,000 billion investment from Tien Phong Commercial Joint Stock Bank (TPBank) to develop renewable energy projects.

The signing ceremony took place on the morning of 22 July 2020 in the context of the Vietnam Energy Summit 2020 hosted in Hanoi, co-organized by the Government and Central Economic Committee with the involvement of ministries, departments and industries, numerous international and local businesses.

At the event, BCG and TPBank signed the Memorandum of Understanding (MOU) on funding VND 11,000 billion for renewable energy projects (RE) within 2 years.

Accordingly, VND 8,000 billion will be used for wind power projects with a total capacity of 650 MW in Ca Mau, Vung Tau, Soc Trang and Tra Vinh provinces; VND 2,000 billion to implement 330MW Solar Power Plant in Binh Dinh; VND 1,000 billion to implement rooftop solar energy projects.

Mr. Nguyen Ho Nam Chairman of BCG and Mr. Nguyen Hung General Director of TPBank

Speaking at the ceremony, Mr. Nguyen Ho Nam – Chairman of BCG Board of Directors shared: “In recent years, renewable energy has been attracting many domestic and foreign investors, one of the fields that is priority invested in Vietnam to ensure energy supply, serve the needs of sustainable development of the country’s economy.

With the specific characteristics of the industry, the successful implementation of renewable energy projects requires huge financial capacity of investors, fast disbursement speed. Therefore, the signing of this cooperation will be a significant milestone, tightening the strategic cooperation between TPBank and BCG, contributing the national energy supply, and also bringing mutual economic benefits for both parties.

Based on the terms of the contract, TPBank will cooperate with Bamboo Capital to finance the implementation of renewable energy projects including wind power, solar power and rooftop solar power invested by Bamboo Capital with total capacity of 1.6GW for the period of 2020 – 2022. 

Mr. Nguyen Hung – General Director of TPBank said: “These projects are expected to contribute to the development of the RE sector in Vietnam. The Government extremely encourages RE businesses by many preferential policies aiming to develop 18,000 MW (wind and solar power) by 2030, making Vietnam the center of renewable energy in Southeast Asia. That is why solar power projects have been paid special attention by domestic and international investors and credit institutions like us.

Through thorough appraisal, we evaluate BCG in accordance with TPBank’s investment strategy in renewable energy projects, contributing to energy security, climate change mitigation, and promoting environmental protection and sustainable socio-economic development. We will work together to promote the development of a new energy source for the country”.

More information about BCG: 

Bamboo Capital Group is an enterprise listed on the Ho Chi Minh Stock Exchange, operating in multiple industries on four main areas: Agriculture & Manufacturing, Construction & Trading, Infrastructure & Real Estate and Renewable Energy. With continuous efforts in implementing and investing in renewable energy, BCG has been honored to receive the “Global Responsible Business Leadership 2018” award for combating global climate change. 

In recent years, BCG has implemented major projects including BCG-CME Solar Power Plant Long An 1 and 2 in Thanh Hoa, Long An with a total capacity of 140MW; Phu My solar power plant in Phu My, Binh Dinh with a total capacity of 330MW and VNECO 43MW solar power plant in Vung Liem, Vinh Long. 

Currently, BCG owns a portfolio of projects of more than 1500MW, including solar power projects and wind power projects in Long An, Ca Mau, Soc Trang, Tra Vinh and Vung Tau which will be implemented in the near future.

More information about TPBank: 

TPBank is a large and reputable joint stock commercial bank in Vietnam. The Bank inherits the strengths of modern technology, market experience and financial potential of strategic shareholders including: DOJI Gemstone Jewelry Group, FPT Technology Group, Finance Company International (IFC), Vietnam Reinsurance Corporation (Vinare) and SBI Ven Holding Pte. Ltd., Singapore.

Recently, TPBank has built many cooperation programs and activities on green credit. In 2019, TPBank signed a long-term contract for a green credit loan worth USD 20 million within 3 years from The Global Climate Partnership Fund (GCPF).

Link for event news on the media:

Securities Investment Newspaper: https://tinnhanhchungkhoan.vn/chuyen-kinh-doanh/bamboo-capital-bcg-nhan-tai-tro-11000-ty-dong-tu-tpbank-dau-tu-vao-dien-gio-dien-mat-troi-336370.html

Nong thon Viet Newspaper: http://nongthonviet.com.vn/thoi-su/kinh-te/202007/bamboo-capital-bcg-va-tpbank-ky-thoa-thuan-hop-tac-tai-tro-11000-ty-dong-762944/

Law newspaper: https://baophapluat.vn/thong-tin-doanh-nghiep/tpbank-va-bcg-ky-ket-thoa-thuan-hop-tac-11000-ty-dong-cho-cac-du-an-nang-luong-tai-tao-530571.html

VnExpress Newspaper: https://vnexpress.net/goi-tin-dung-11-000-ty-cua-tpbank-cho-du-an-nang-luong-tai-tao-4134280.html

VTC News: https://vtc.vn/tpbank-tai-tro-11000-ty-dong-trien-khai-cac-du-an-nang-luong-tai-tao-ar559148.html

Vietnamnet Newspaper: https://vietnamnet.vn/vn/kinh-doanh/tpbank-danh-11-000-ty-dong-cho-cac-du-an-nang-luong-tai-tao-659923.html

Investment Newspaper: https://baodautu.vn/nhieu-du-an-tin-dung-xanh-duoc-trien-khai-nho-su-chung-tay-cua-ngan-hang-d126280.html

Saigon Economic Times: https://www.thesaigontimes.vn/306214/nghi-quyet-55-tao-nen-tang-cho-thi-truong-nang-luong-phat-trien-ben-vung.html

VTV 7pm on July 22: https://vtv.vn/video/thoi-su-19h-vtv1-22-7-2020-450051.htm

VTV Business financial news 7am July 23: https://vtv.vn/truyen-hinh-truc-tuyen/vtv1/kinh-te-0.htm