USAID helps Vietnam promote renewable energy projects. (Photo for illustration)

The new funding supports USAID’s ongoing efforts to reduce risk and transaction costs for project developers to encourage increased private sector investment in Vietnam’s renewable energy development - a key driver of economic growth and resilience, said a media release from the U.S. Embassy in Vietnam.

Specifically, the new funding announced today will support the TSV and Asia Renewables’ onshore wind farms (350MW) in the Central Highland province of Gia Lai, the INGINE Pacific's pilot off-grid wave technology on Ly Son island, central Quang Ngai province, and the Bamboo Capital Group's (BCG) offshore wind farms in southern Ca Mau (300MW) and Tra Vinh (200MW) provinces.

The funding is being provided through USAID INVEST, a global USAID initiative that helps reduce barriers for investors to mobilize and channel private capital into high-impact areas.

With a growing private sector and international manufacturing and export base, Vietnam has one of the most dynamic emerging economies in the Southeast Asia region; however, current investment in energy, infrastructure, and health is insufficient to meet the country’s growth and development objectives, according to the media release.

Source: VNA