SACE has guaranteed a USD 200 million financing to PetroVietnam Power Corporation (PVPower). The loan, with a 12 years door-to-door tenor, is the second Push Strategy Facility finalized in South East Asia.
PVPower is Vietnam’s second largest energy producer and a key player of Vietnam’s energy transition, according to the new Power Development Plan 8 (PDP8), developed by the Vietnamese government with the goal of reaching 47% energy production from renewable sources by 2030.
The transaction supports PVPower's commitment to ensure Vietnam’s energy security while promoting the long-term reduction of greenhouse gas emissions toward the Net Zero objective expressed by Vietnam’s Prime Minister at COP26 in 2021, which will imply PVPower’s conversion of gas-fired power plants to the use of hydrogen by 2050.
The deal represents one of the most relevant deals in SACE’s Push Strategy program and will facilitate Italian small and medium-sized enterprises in entering a dynamic and growing market by exploring new business opportunities in Vietnam through the arrangement of Business Matching opportunities between PVPower and the Italian companies operating in the energy supply chain.
Vietnam is among Italy’s most important trade partners in Asia Pacific and it’s one of the “high-potential markets” identified by the Steering Committee for Internationalization, chaired by the Italian Ministry of Foreign Affairs and Cooperation and the Italian Ministry of Enterprises and Made in Italy.