Industrial appliance maker Refrigeration Electrical Engineering Corporation (REE) will build the two plants in the provinces of Binh Thuan and Ninh Thuan with a total capacity of 54.2 megawatts.

They would generate 170 million kilowatt hours of clean energy annually once they start operating later this year, the IFC, a member of the World Bank Group, said in a statement.

"As REE expands its footprint in renewable energy, we are looking for long-term U.S. dollar-based financing that is not readily available in the local market," Nguyen Ngoc Thai Binh, REE’s deputy CEO, said.

"We are confident that IFC’s support will help us implement a strategic drive to green our power sector portfolio in the coming years."

A subsidiary of REE, Thuan Binh Wind Power Jsc, built one of Vietnam’s first wind power plants, the 24-MW Phu Lac 1 in Binh Thuan.

With electricity demand driven by its robust economic growth, Vietnam foresees the need for a doubling of its power capacity by 2030 to meet it.

Renewable energy capacity including rooftop solar is projected to increase by approximately 19 GW to more than 36 GW over the next decade at an estimated cost of $20 billion.