Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets, has announced that it has been appointed by a client to support early stage wind project development efforts in Vietnam.
Aaron Daniels, Managing Director of Modern Energy Management stated, “Modern Energy has significant experience developing and building wind projects in the region, with unique experience in Vietnam. We presented our client a compelling business case to support their pursuit of aggressive growth targets in Vietnam.”
The client is an IPP (Independent Power Producer) currently operating renewable energy projects in the region. This project supports their growth target to expand their regional footprint.
Mr. Daniels continued, “Modern Energy is currently advising on over 1GW of wind projects in Vietnam. Our expertise in Vietnam and in developing investment grade projects makes us uniquely positioned to support the growth targets of our clients.”
The Vietnamese government set a target of 6,000MW of wind power by 2030, of which it currently has 140MW in wind power operation. However, growth of installed capacity has been slow due to the pricing of electricity generated by wind power, which was impacted by a feed-in tariff for grid-connected wind power projects.
“A modest feed-in tariff means developers must be extraordinarily skilled in site selection and the development process to be successful. A market landscape like Vietnam allows little margin for error for investors,” cautioned Mr. Daniels.
MEM is engaged as advisors for wind and solar projects throughout the ASEAN region and understands the development challenges unique to each market. MEM’s engagement in this project adds to MEM’s growing portfolio of consulting projects in Vietnam, with a current estimated capacity of over 1,100MW.