Aug 5, 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 Ecotech Tra Vinh Renewables JSC, a partnership between Janakuasa Renewables and Renewable Energy Vietnam (REV), a joint venture between Climate Investor One (CI1), the financing facility managed by Climate Fund Managers (CFM), and ST International (STI) a Korean energy investor on the Ecotech 78MW intertidal wind farm in the Tra Vinh province of Vietnam.
MEM provided overall project management for the development team and early works scope along with technical support during both technical and commercial negotiations. The project, with an investment value of over 150m USD, has executed an EPC agreement with the consortium of PowerChina and SGRE (Siemens Gamesa Renewable Energy).
“We have big ambitions to support the growth of renewable energy in Vietnam by not only bringing investor capital in the country but also international-level industry expertise and technology. Modern Energy Management (MEM) is instrumental in the development of our wind farm in Vietnam because of its strong track record in Southeast Asia,” said Ti Chee Liang, Chairman of Janakuasa Renewables.
“We selected Modern Energy Management (MEM) due to their strong expertise in the Vietnam wind development and our previous successful experience with MEM on our neighbouring near shore Tra Vinh wind project,” said Nathan Schmidt, Head of Asia for CFM. “Their understanding of the risks related to intertidal wind projects and achieving the schedule to enable eligibility for the Vietnam Feed In Tariff (FIT) was critical to our investment.”
“As the Pandemic Declaration of COVID 19 raises global supply chain concerns and implementation risks at construction sites, it became more important to engage with experienced advisors,” said Yonghoon Kim, Head of Renewable at STI, “MEM was the key for our project to successfully shift over construction phase from development phase.”
“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, and especially intertidal projects,” stated Aaron Daniels, Managing Director of Modern Energy Management. “MEM represents investors on a number of wind projects in various stages of development in Vietnam, with an estimated capacity over 1,300MW. Of that total, over 250MW are intertidal projects.”
Vietnam set a goal to achieve 6.2GW of installed capacity of wind 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.