Export-Import Bank of Thailand (EXIM Thailand) has extended US$65 million in credit to Eastern Power Group Plc and Communication & System Solution Plc to finance the construction of two solar-power plants in Phu Yen, Vietnam, with a combined generating capacity of around 100 megawatts.
EXIM president Pisit Serewiwattana said the support was intended to encourage Thai investment in renewable-energy projects in response to increasing demand from both the public and private sectors in Vietnam after the government liberalised the business.
With solar-power generation in Vietnam targeted to leap from 850MW in 2020 to 12,000MW within 10 years, EXIM Thailand has built relationships with leading banks there to manage risks and resolve restrictions.
“EXIM Thailand’s financial support is in line with Thai government policy of accelerated promotion of Asean connectivity and the expansion of economic cooperation with neighbouring countries,” Pisit said.
“EXIM Thailand also has a strategy to connect Thailand to the world through international trade and investment. We have strived to explore and create trade and investment opportunities for Thai entrepreneurs overseas, particularly in CLMV – Cambodia, Laos, Myanmar and Vietnam – which are new frontier markets with high potential.
“EXIM Thailand is ready to take the lead in filling the existing business, financial and knowledge-base gaps,” he said. “We are also well positioned to work with public and private entities both at home and overseas to boost Thai entrepreneurs’ competitiveness in the move toward Thai and Asian development on a sustainable basis.”