On April 10, Mitsubishi Corp [8058:JP] announced that it, along with other stakeholders including the Monsoon wind power project in Laos, has obtained USD692m in wind farm funding as reported by Reuters on the same day. The financing package was obtained from various lenders including the Asian Development Bank [ATB:AU], Japan International Cooperation Agency, Sumitomo Mitsui Banking Corporation [8318:JP], and others. The project is expected to have 600 megawatts of installed capacity and will sell power to Vietnam for 25 years starting in 2025 via a 500kV transmission line. The total cost of the project, according to Monsoon’s website, is USD950m.

The Monsoon wind power project in Laos is set to become one of Southeast Asia’s largest wind farms, boosting Laos’ ambition of becoming the “Battery of Southeast Asia.” The USD950m project is backed by stakeholders such as Mitsubishi Corp, BCPG Pcl [BCPG-R:TB], Impact Energy Asia Development [IEY:CN], Electricity Generating Public Company Limited [EGCO-R:TB], and Wind Energy Holdings (WEH) of Thailand. The project is expected to cut down carbon emissions by 1.3 million tons annually and provide job opportunities for the local community.

Sources:

https://www.reuters.com/business/sustainable-business/japans-mitsubishi-others-raise-692-million-monsoon-wind-project-laos-2023-04-10/

https://www.monsoonwindasia.com/