Ho Chi Minh City, 12 March 2020 – Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets, announced that it completed its scope of work for ST International (STI) and Climate Investor One (CIO) on their flagship Vietnam project: the Tra Vinh 48MW intertidal wind farm.
Climate Investor One has been developing the project since 2017. CIO is a blended finance facility delivering renewable energy infrastructure projects in emerging markets. CIO is being managed by Climate Fund Managers (CFM), an investment manager contributing towards mitigating and building resilience to climate change in areas most affected.
ST International, a Korean energy company that is expanding its renewable energy project footprint, entered into the project in the early development stage, making this their first investment in Vietnam.
MEM’s scope on the project was broad, beginning with overall project management for the development of the project. They provided technical and design support, and managed the tender for EPC services to include technical support during the contract negotiations. The project has already issued a Notice to Proceed (NTP) to the EPC contractor, Vestas, to commence construction.
“We knew Modern Energy Management had extensive wind project development expertise in the Vietnamese wind market,” said Nathan Schmidt of CIO, “especially with regard to intertidal project development and construction. With this being our flagship project in Vietnam, we wanted a strong entry into this market, which was why we chose MEM.”
“Intertidal wind projects are technically complex,” said Lars Lund, MEM’s Project Director, “presenting unique challenges and risks. There are few firms in the market that have the experience to design and build for construction in these conditions.”
“Modern Energy is in a unique position with our expertise in the Vietnam wind market,” stated Aaron Daniels, Managing Director of Modern Energy Management. “MEM has a number of wind projects in various stages of development in Vietnam, with an estimated capacity over 1,300MW. Of that total, over 200MW are intertidal projects.”
Vietnam set a goal to achieve 6.2GW of installed capacity of wind renewable energy by 2030 as it looks to diminish its environmental footprint. A nation that relies heavily on coal and hydro power, Vietnam currently has over 238MW of installed wind capacity, equivalent to 3.8% of the total wind generation goal.