Japan group to lend Vietnam $1.8 billion for coal-fired power plant
2020-12-30 13:07:44 [Print]
A Japanese-led group said it would extend nearly $1.8 billion in loans to build a coal-fired power plant in Vietnam, bucking criticism about the project's impact on climate goals.
Plans call for a total of 1.2 gigawatts of electricity output at the plant in central Vietnam's Vung Ang district. Investors include Tokyo-based trading company Mitsubishi Corp.
The government-owned Japan Bank for International Cooperation said Tuesday it would lend slightly more than a third of the total $1.767 billion in financing for the project. It said the project would contribute to economic development in Vietnam through the stable supply of electricity. Japanese commercial banks and the Export-Import Bank of Korea are also providing financing.
The project has become a flashpoint in the debate over whether rich nations should continue supporting coal-fired power in developing nations with growing electricity demand.
Plans call for a total of 1.2 gigawatts of electricity output at the plant in central Vietnam's Vung Ang district. Investors include Tokyo-based trading company Mitsubishi Corp.
The government-owned Japan Bank for International Cooperation said Tuesday it would lend slightly more than a third of the total $1.767 billion in financing for the project. It said the project would contribute to economic development in Vietnam through the stable supply of electricity. Japanese commercial banks and the Export-Import Bank of Korea are also providing financing.
The project has become a flashpoint in the debate over whether rich nations should continue supporting coal-fired power in developing nations with growing electricity demand.
