Asiatic Group (Holdings) says subsidiary Colben Energy Holdings (Vietnam), through its 51%-owned subsidiary, Colben Energy (Vietnam) Joint Stock Company, has been granted a VND366,000 million ($26.4 million) loan facility to finance the 44MW hydropower power plants project in Vietnam.

Colben will develop the project in two phases. In Phase 1, a 29.7MW capacity facility will be developed at Coc San, Lao Cai Province. In Phase 2, a 11MW capacity facility will be developed at Chu Linh, also in Lao Cai Province. The two phases will be jointly developed with local partners, Vietnam Infrastructure Development and Finance Investment JSC and HVD Construction and Investment Consultants JSC.

To finance Phase 1, Colben Energy (Vietnam) intends to use the facility plus another loan of VND157,000 million from other Vietnamese financial institutions.

The loan facility will be secured mainly by a charge over the assets and equipments of the project.