Pacifico Energy Vietnam (‘PEV’), the Vietnam-based development platform of Pacifico Energy Group (‘PEG’), a leading global energy infrastructure developer, announced the closing of up to $28.5 million in senior debt financing from Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) for its utility-scale Sunpro Wind Farm project.
This is PEG’s second power project in Vietnam and a pivotal step in the company’s expansion in Vietnam.
The 30 MW wind farm, located in Vinh Long province in Vietnam’s Mekong Delta, is expected to generate 89.5 GWh of electricity annually – roughly a 10 MW 24/7 equivalent load. This amount of power production is equal to about a month of Vinh Long province’s electricity use. The project uses seven Goldwind turbines and is preparing for commercial operation by the end of Q3 2025 under a signed power purchase agreement with Electricity of Vietnam (‘EVN’). On an average day, Sunpro will produce 245 MWh – enough to fully charge five 50-MWh grid batteries.
VietinBank, one of Vietnam’s four state-owned banks and the second-largest by total assets, provided senior debt financing for EPC activities and the refinancing of existing shareholder loans. The financing demonstrates strong institutional confidence in Pacifico Energy’s development capabilities and in Vietnam’s renewable energy sector.
‘This financing marks a major financial and strategic milestone for Pacifico Energy Vietnam and for the country’s energy landscape,’ said Nate Franklin, Chairman of Pacifico Energy Group. ‘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.’
The Sunpro Wind Farm supports Vietnam’s ambitious targets under the Revised Power Development Plan VIII (PDP8). Aligned with General Secretary To Lm’s growth agenda – targeting 10% average GDP growth during 2026-2030 – PDP8’s updated commercial electricity targets (500-558 TWh by 2030) imply sustained double-digit demand growth. Sunpro adds reliable, utility-scale supply in the Mekong Delta, and Pacifico Energy stands ready to help Vietnam meet these national goals with bankable, grid-integrated projects.
Beyond grid benefits, the project is generating substantial local economic impact. Pacifico Energy prioritized hiring local residents for key roles, while contracting local businesses for concrete works, material transportation, and equipment rental. The project has contributed over 53 billion VND to community initiatives, including support for disadvantaged households, education funding, and infrastructure improvements.
‘VietinBank is honored to be selected as the financing bank for this important project,’ said Le Van Hao, Director of VietinBank Ho Chi Minh Branch. ‘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.’
The Sunpro Wind Farm advances several strategic objectives for Pacifico Energy: establishing a wind power track record in Vietnam’s regulatory environment, opening new development opportunities in the Mekong Delta, and demonstrating execution capability in a rapidly evolving power market. The project further positions PEG for growth with regulators, partners, and investors across the Asia-Pacific region.
The financing announcement comes as Vietnam celebrates its 80th National Day and marks 30 years of U.S.-Vietnam diplomatic relations, highlighting the role of public-private partnerships in strengthening the comprehensive strategic partnership between the two nations.
About Pacifico Energy
The Pacifico Energy Group (‘PEG’) has controlling interests in renewable and traditional energy development platforms and vertically integrated independent power producers (IPPs) around the globe. To date, PEG affiliates have raised and invested over $5 billion for global infrastructure and other real-asset-backed projects.
Pacifico Energy U.S. (formerly, Pacifico Power) is the U.S. segment of the Pacifico Energy Group and a forward-looking energy infrastructure firm that delivers customized on-site energy solutions to data centers, companies, and communities seeking reliable and affordable electricity. Pacifico develops, constructs, finances, and invests in prime generation (microgrid) and distributed generation projects. The company is developing a portfolio of energy projects to support AI infrastructure, including the 456-MW Ft. Spunky project in the Dallas metro area, and GW Ranch, a fully grid-independent 5-GW natural gas powered project in West Texas (https://pacificoenergy.com/).
Overseas in Asia, Pacifico Energy Group specializes in developing utility-scale solar photovoltaic and wind projects, with offices in Japan, Vietnam, and Korea. It has over 2.7 GW of projects under development, in construction and operational across the region.
Through the Vietnam office, the company successfully developed and constructed Mui Ne Solar Plant in Phan Thiet, Binh Thuan and is in the process of completing Sunpro Wind Farm Project, an onshore wind farm situated near the coast of Binh Dai, Ben Tre.
Contact:
Email: media@pacificoenergy.com
Tel: +1 949 481 8200
Email: info@pacificoenergy.vn
Tel: +84 28 6263 8269
