Pacifico Energy Vietnam secures $28.5 million financing for wind farm venture

Pacifico Energy Vietnam secures $28.5 million financing for wind farm venture

Pacifico Energy Vietnam (PEV), the Vietnam-based development platform of Pacifico Energy Group (PEG), on August 27 announced the closing of up to $28.5 million in senior debt financing from VietinBank for its utility-scale Sunpro Wind Farm.

This is PEG’s second power project in Vietnam and a pivotal step in the company's expansion in the country.

The 30 MW wind farm, located in Vinh Long province in the Mekong Delta, is expected to generate 89.5 GWh of electricity annually – roughly a 10 MW 24/7 equivalent load. This amount of power production is equal to about a month of Vinh Long province's electricity use.

The plant will use seven Goldwind turbines and is preparing for commercial operation by the end of Q3 under a signed power purchase agreement with Vietnam Electricity. On an average day, Sunpro will produce about 245 MWh – enough to fully charge five 50-MWh grid batteries.

VietinBank, one of Vietnam's four state-owned banks and the second-largest by total assets, will provide senior debt financing for engineering, procurement, and construction activities and the refinancing of existing shareholder loans. The financing demonstrates strong institutional confidence in Pacifico Energy's development capabilities and in Vietnam's renewable energy sector.

“This financing marks a major financial and strategic milestone for PEV and for the country's energy landscape,” said Nate Franklin, chairman of PEG. "We appreciate VietinBank's professionalism and support. Reliable megawatt-hours are the currency of growth in Vietnam's next decade, and Sunpro's ~10 MW of 24/7-equivalent output is practical capacity the grid can use every hour of the year. As AI, cloud, and advanced manufacturing scale globally, 'critical power' has become a competitiveness issue, not only in Vietnam but worldwide, and Pacifico is focused on delivering dependable megawatt-hours at industrial scale."

The Sunpro Wind Farm supports Vietnam's ambitious targets under the revised Power Development Plan VIII (PDP8). Aligned with Party General Secretary To Lam's growth agenda, targeting about 10 per cent average GDP growth during 2026-2030, PDP8's updated commercial electricity targets (500-558 TWh by 2030) implies sustained double-digit demand growth. Sunpro adds reliable, utility-scale supply in the Mekong Delta, and Pacifico Energy stands ready to help Vietnam meet these national goals with bankable, grid-integrated projects.

“VietinBank is honoured to be selected as the financing bank for this important project,” said Le Van Hao, director of VietinBank Ho Chi Minh branch. “We highly appreciate the systematic and professional implementation shown by Pacifico Energy and their commitment to technical standards and environmental harmony. This financing demonstrates our strategic cooperation and lays the foundation for a long-term, sustainable partnership.”

The Sunpro Wind Farm advances several strategic objectives for Pacifico Energy: establishing a wind power track record in Vietnam's regulatory environment, opening new development opportunities in the Mekong Delta, and demonstrating execution capability in a rapidly evolving power market. The project further positions PEG for growth with regulators, partners, and investors across the Asia-Pacific region.

VIR