Japan's Mitsubishi Corp on Monday said that it and other shareholders of the Monsoon wind power project in Laos have raised $692 million in financing for the wind farm.
Mitsubishi, Thai renewable energy firm BCPG Pcl, and other stakeholders secured the financing package from the Asian Development Bank, Japan International Cooperation Agency, Sumitomo Mitsui Banking Corporation and other lenders, the Japanese firm said.
The project, which is set to sell power to Vietnam under a 25-year deal, will have 600 megawatts of installed capacity and should be launched in 2025. Its total costs stand at $950 million, according to Monsoon's website.
Mitsubishi Heavy Industries, Ltd. is a Japanese multinational engineering, electrical equipment and electronics corporation headquartered in Tokyo, Japan. MHI is one of the core companies of the Mitsubishi Group and its automobile division is the predecessor of Mitsubishi Motors.
MHI's products include aerospace and automotive components, air conditioners, elevators, forklift trucks, hydraulic equipment, printing machines,tanks, power systems, ships, aircraft, railway systems, and space launch vehicles.
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