LPBank finances VND9,600 billion for green energy projects in Dak Lak province

Hanoi, March 28, 2024 - At the head office, Lien Viet Post Bank ( LPBank ) and Xuan Thien Group signed a credit contract with a limit of VND 9,600 billion to develop solar power plant projects in Dak Lak province.

Mr. Mai Xuan Huong, representative of Xuan Thien Group (left, front row) and Mr. Ho Nam Tien, Vice Chairman of the Board of Directors and General Director of LPBank (right, front row) performed the signing and contract awarding ceremony.

According to the credit contract, the capital provided by LPBank will support the construction and operation costs of Ea Sup power plants in the Ea Sup solar power plant project complex with a total capacity of nearly 1,000 MW, providing more than 1 billion kWh annually to the national grid, helping to meet the demand for renewable electricity for the whole country and thereby contributing to the transformation of the economy towards green and sustainable growth. Currently, the Ea Sup power plant complex is one of the largest solar power project complexes in Southeast Asia.

“Today’s credit contract not only contributes to expanding the large customer base, promoting LPBank’s credit market share in the corporate customer segment, but also enhances the Bank’s reputation and brand value in the field of financing green energy development,” said Mr. Ho Nam Tien, Vice Chairman of the Board of Directors and General Director of LPBank at the Credit Contract signing event.

“Ea Sup solar power projects are located on flat terrain in Ea Sup district, Dak Lak province. This place has a harsh climate, high annual sunshine, extremely barren land, not favorable for traditional agricultural activities,” Mr. Mai Xuan Huong, representative of Xuan Thien Group, shared at the event.

“Ea Sup solar power plants not only create thousands of jobs for local people, bringing a huge contribution to the state budget, but also contribute to stabilizing security in the border area.”

Green credit has been one of LPBank's business focuses for many years. In addition to preferential loans for production and business, LPBank prioritizes green credit sectors such as renewable energy, clean energy, low-carbon production and consumption sectors, and climate change adaptation. LPBank's extensive participation in the green credit sector not only implements the policies of the Government and the State Bank, but also affirms LPBank's sustainable development and core values of responsibility to the community, society and environment.

The State Bank has recently ranked and approved LPBank as one of 14 Vietnamese banks in the Group of credit institutions with the most important influence in the banking system in 2024. Currently, LPBank has a charter capital of VND 25,576 billion, and total assets of more than VND 400,000 billion. The bank plans to increase its total charter capital to VND 33,676 billion and total assets to VND 427,260 billion by 2024.

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