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Energy

Vietnam coal power plant receives $1.8bn loan from Japan lenders

State-backed JBIC and big banks resist criticism from Western investors

A coal power plant in Germany: New coal-fired projects face criticism from environmental groups and investors around the world.   © Reuters

TOKYO -- The Japan Bank for International Cooperation will join big private lenders to provide roughly $1.77 billion in financing to a coal-fired power plant in Vietnam, defying criticism that the project runs counter to the global shift away from fossil fuels.

JBIC is providing about $636 million for the Vung Ang II thermal power project, the state-backed lender said Tuesday. Other lenders include Japan's three leading banks and the Export-Import Bank of Korea. Trading house Mitsubishi Corp. is an investor in the project.

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