Pacifico Energy Vietnam (PEV), a Vietnam-based development platform of the Pacifico Energy Group (PEG), which is recognized as a leader in global energy infrastructure development, has recently made a significant announcement. The company has successfully closed a senior debt financing deal for up to $28.5 million with the Vietnam Joint Stock Commercial Bank for Industry and Trade, commonly known as VietinBank.
This financing is designated for PEV’s utility-scale Sunpro Wind Farm project, which is an important milestone as it represents PEG’s second power project in Vietnam. This development is not only a step forward for the company but also a crucial part of its broader regional expansion strategy.
The Sunpro Wind Farm, with a planned capacity of 30 megawatts (MW), is located in the picturesque Vĩnh Long province in Vietnam’s Mekong Delta. This wind farm is poised to produce an impressive 89.5 gigawatt-hours (GWh) of electricity each year, which is roughly equivalent to sustaining a 10 MW load continuously.
To put this into perspective, the amount of electricity generated from this project would meet about a month’s worth of energy consumption for Vĩnh Long province. Utilizing seven high-performance Goldwind turbines, Sunpro is gearing up for commercial operations by the end of the third quarter of 2025. This timeline is supported by a signed power purchase agreement with Electricity of Vietnam (EVN), ensuring a stable market for the electricity produced.
On an average day, the wind farm is expected to generate around 245 megawatt-hours (MWh), which is enough energy to fully charge five 50-MWh grid batteries, offering substantial benefits to the local energy grid.
VietinBank, one of Vietnam’s four state-owned banks and the second-largest in terms of total assets, has taken a significant step by providing this senior debt financing. The funds will support engineering, procurement, and construction (EPC) activities as well as refinance existing shareholder loans. This move is more than just financial backing; it underscores a firm belief in Pacifico Energy’s ability to drive development and progress within Vietnam’s growing renewable energy sector.
As Vietnam sets its sights on ambitious goals laid out in the Revised Power Development Plan VIII (PDP8), the Sunpro Wind Farm aligns perfectly with these objectives. This strategic plan, which has been designed in accordance with General Secretary Tô Lâm’s growth agenda, aims for an average GDP growth of about 10% from 2026 to 2030.
The updated commercial electricity targets outlined in PDP8, which range from 500 to 558 terawatt-hours (TWh) by 2030, suggest a clear trajectory of sustained double-digit demand growth. With this project, Pacifico Energy is not only contributing to the nation’s renewable energy supply but also reinforcing its readiness to support Vietnam in achieving these vital national goals through bankable and integrated energy projects.
Along with its contributions to the national grid, the Sunpro Wind Farm is having a meaningful local economic impact. Demonstrating a commitment to community development, Pacifico Energy has made it a priority to hire local residents for key roles within the project. Furthermore, the company has contracted local businesses for various services, including concrete works, transportation of materials, and equipment rentals. This approach has resulted in substantial local economic benefits, with contributions exceeding 53 billion VND directed toward community initiatives. These initiatives focus on supporting disadvantaged households, funding educational programs, and improving regional infrastructure, thereby fostering a more resilient community.
As Pacifico Energy advances with the Sunpro Wind Farm, it is fulfilling several strategic objectives. The project serves to establish a track record in wind power development within Vietnam’s regulatory framework, creating new opportunities for future projects in the Mekong Delta. It also showcases the company’s ability to execute projects successfully within a rapidly evolving energy market. As a result, PEG is well-positioned for growth and collaboration with regulators, partners, and investors throughout the Asia-Pacific region.
KEY QUOTES:
“This financing marks a major financial and strategic milestone for Pacifico Energy Vietnam and for the country’s energy landscape. 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.”
Nate Franklin, Chairman of Pacifico Energy Group
“VietinBank is honored to be selected as the financing bank for this important project. We highly appreciate the systematic and professional implementation 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.”
Le Van Hao, Director of VietinBank Ho Chi Minh Branch
