Emerging market specialist continues its support of Hero Future Energies Vietnam projects
Ho Chi Minh City, 19 August 2021 – Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets, announced it has been appointed by Hero Future Energies (HFE) to provide Owner’s Engineer services for its 100MW wind farm project in Kon Tum province, Vietnam.
“This is a continuation of the support Modern Energy Management provided HFE on this Vietnam project,” said Oman Singh with Hero Future Energies. “We found their technical advisory and engineering services to be extremely helpful. Because of our positive history with them, we knew that Modern Energy was the right partner to provide the Owner’s Engineer services for this wind project.”
Modern Energy Management’s scope of work includes wind engineering, procurement advisory, and contracting support.
“This is a mid-stage development project,” stated Marc Wright, Head of Engineering and Development at Modern Energy Management, “and this is the stage of development where Modern Energy adds the most value in project optimization and risk management for both construction and operations. In our advisory role, this is where MEM is best able to optimize and derisk wind projects for our clients.”
Vietnam’s current Feed-In-Tariff (FIT) is scheduled to expire on 01 November 2021. Despite the uncertainty that comes with questions around what new schemes may be enacted after the FIT expiration, investors like HFE are committed to Vietnam renewable energy growth.
“Given the development schedule of this,” stated Aaron Daniels, Managing Director of Modern Energy Management, “it will not be ready in time for the current FIT, which is scheduled to sunset in November 2021. We are watching government communications regarding possible news related to a new FITin Vietnam. The project will be looking towards the next program when it’s announced.”
“The expiration of the FIT puts pressure on developers to optimize their projects,” continued Mr. Daniels. “MEM is a good fit for HFE on this scope due to our experience in optimizing project value drivers, particularly in Vietnam where we have a long and successful history.”
With power demands expected to double between 2020 and 2030, Vietnam recently raised its 2030 wind renewable energy target from 6GW to 11GW. By the end of 2020, wind power installed capacity was only 670MW.
MEM currently supports investors in over 1.5GW of onshore and intertidal wind projects in Vietnam.
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About Modern Energy Management
Modern Energy Management (MEM) is a renewable energy development services provider, delivering project lifecycle certainty to renewable energy investors with focus in rapidly expanding emerging markets. Our expertise is in creating “investment grade” projects through technical and commercial de- risking coupled with financial optimization.
Our team enables project investors to successfully develop, construct and deliver complex, profitable projects in remote, rapidly expanding emerging markets, while ensuring maximum profitability.
MEM established its corporate offices in Thailand in 2013, and has since expanded to Singapore, Vietnam and Philippines to accommodate its growing regional pipeline. MEM is now the market leader for development and wind project advisory services in SE Asia.
For more information, please visit: http://modernenergy.management
About Hero Future Energies
Established in 2012, Hero Future Energies (HFE), a member of the Hero group of companies, is a leading renewable energy power producer in India and is rapidly expanding globally via its international offices in London and Singapore. HFE currently has an installed capacity base of 1.3GW, with a further 1.5GW of projects under construction. In a short span of time, the company developed a pipeline of ~500MW of utility-scale grid connected solar projects across Europe, South Asia and Southeast Asia, with an ambition to further grow its installed capacity base to 5GW by 2022. HFE invests primarily in wind, grid connected solar, rooftop solar and energy storage technologies. Its commitment to the preservation of the planet with green energy is reflected in its motto ‘Planet Positive Power’.
For more information, please visit: https://www.herofutureenergies.com/
MEDIA CONTACT:
Hawthorn Advisors herofutureenergies@hawthornadvisors.com
Lorna Cobbett / Sarah Keegan +44 (0)20 3745 4960