DEG, the investment arm of German state-owned development bank KfW, has made a 25.5-million-euro ($27.6 million) commitment to Vietnamese power firm Gia Lai Electricity Joint Stock Company (GEC). The investment will be used to partly finance GEC’s equity capital spent in new wind farm projects, DEG said in its announcement.
“This transaction supports GEC and Vietnam’s power industry to reach their goals in CO2 reduction and enhances the transition from fossil fuels towards renewable energy in line with the renewable energy development strategy,” the development finance institution added.