Financial close for InfraCo Asia’s Coc San Hydropower Project in Lao Cai Province, Vietnam
Vietnam, 2 December 2014
InfraCo Asia Development Pte. Ltd. (InfraCo Asia) announced today the financial close of its Coc San hydroelectric power project in Lao Cai Province in Vietnam.
The Coc San project is a US$50 million, 29.7MW run-of-river hydroelectric power generation project located on the Dum River near Lao Cai city, Lao Cai Province. Construction is expected to be completed in 2016. The project’s clean, low cost, renewable energy will contribute to relieving the electricity shortage situation in Vietnam and will provide development benefits in the northern region of Vietnam.
The first draw down has been made under the project’s non-recourse US$23 million equivalent local currency credit agreement with Saigon Hanoi Commercial Joint Stock Bank (SHB) for financing the construction and operation of the Coc San project.
The Coc San project has been developed by InfraCo Asia through its manager Nexif (InfraCo) Management Pte. Ltd. (Nexif).
InfraCo Asia holds an interest in the project through the project company, Lao Cai Renewable Energy (Vietnam) Joint Stock Company, which it owns along with its minority partners Colben Energy Holdings (Vietnam) Ltd (British Virgin Island), Vietnam Infrastructure Development and Finance Investment Joint Stock Company (Vietnam) and HVD Construction and Investment Consultants Joint Stock Company (Vietnam).
InfraCo Asia and Nexif together with the project partners are looking forward to completing the construction within budget and commissioning of the Coc San project by 2016.
About InfraCo Asia Development Pte. Ltd.
InfraCo Asia (www.infracoasia.com) is a commercially managed infrastructure development and investment company headquartered in Singapore. It aims to stimulate greater private sector investment in infrastructure in Bangladesh, India, Nepal, Pakistan, Sri Lanka, Cambodia, Indonesia, Laos, Myanmar, the Philippines and Vietnam.
InfraCo Asia funds early stage, high-risk infrastructure development activities by taking an equity stake in projects and focusing on socially responsible and commercially viable infrastructure projects. It funds projects that contribute to economic growth and social development. Throughout the development process it focuses on managing and mitigating risks so as to facilitate the private sector participation in the successful implementation of sustainable infrastructure projects.
InfraCo Asia’s goal is to create commercially viable and sustainable infrastructure projects that contribute to economic growth and social development. InfraCo Asia is a company of the Private Infrastructure Development Group (www.pidg.org). PIDG is a multi-donor organization set up by development agencies committed to tackling the major institutional market obstacles hindering private participation in infrastructure development in the world's poorer countries.
InfraCo Asia is currently funded by three members of PIDG - Australian Department of Foreign Affairs and Trade (DFAT), the Swiss State Secretariat for Economic Affairs (SECO), and the UK Department for International Development (UKAid).
All enquiries to: Mr Allard M. Nooy CEO
InfraCo Asia Development Pte. Ltd. T +65 6823 8050