SolarQuarter ASEAN Aug-Sep Issue 2021

Empowering, Insightful, Engaging

W W W . S O L A R Q U A R T E R . C O M

V O L U M E

DEVELOPMENT OF SOLAR POWER IN

VIETNAM AND OUTLOOK I N S I G H T S

What Are The Legal & Regulatory Challenges For Solar Development In Vietnam?

What are new opportunities and upcoming regulatory changes in Vietnam?

W W W . S O L A R Q U A R T E R . C O M

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AUG- SEP ISSUE 2021 | PG 03

CONTENT IN CONVERSATION

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NEWS

04 INSIGHTS

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DEVELOPMENT OF SOLAR POWER IN VIETNAM AND OUTLOOK

What Are The Legal & Regulatory Challenges For Solar Development In Vietnam?

FRANCK CONSTANT CEO, Constant Energy

18 LUU MINH TIEN Chairman and CEO, Solar Electric Vietnam JSC

22 FRANK PHUAN CEO, Sunseap

AWARD

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What are new opportunities and upcoming regulatory changes in Vietnam?

PRODUCT FEATURE

32 PUBLISHING

TRINA SOLAR

EDITING

VIETNAM SOLAR WEEK

2021 LEADERSHIP AWARDS

COMPANY FEATURE

34

TRINA SOLAR

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SOLIS

DESIGNING

CONTENT

40

GROWATT

ADVERTISING

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CIRCULATION

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Ventures Pvt. Ltd.

Ashwini Chikkodi

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ASEAN NEWS Singapore: AC ENERGY & NEFIN ENTER INTO A JOINT VENTURE TO DEVELOP ROOFTOP SOLAR PROJECTS ACROSS ASIA AC Energy Corporation (ACEN), through its whollyowned subsidiary, AC Renewables International (ACRI), has obtained board approval to enter into a joint venture with NEFIN Holding Limited (NEFIN), a leading solar photovoltaic developer and investor in carbon neutrality solutions. ACEN and NEFIN will establish a 50/50 joint venture holding company that will develop, construct, and operate rooftop solar projects across Asia. The joint venture will own 21 MW of operating assets and has a robust near-term project pipeline. ACEN, together with NEFIN, has a strong commitment towards sustainability which is aligned with the UN Sustainable Development Goals.

Guided by ACEN’s Environmental & Social (E&S) policy on having a low carbon portfolio by 2030, protecting the environment and investing in communities, and NEFIN’s emphasis on ESG principles in investments, the joint venture plans to invest in socially responsible and commercially viable projects through innovative technological approaches that assist corporations to achieve a green recovery as economies pick up after the pandemic.

SEMBCORP INDUSTRIES LAUNCHES SUSTAINABILITY-LINKED BOND (SLB) RAISING S$675 MILLION The successful launch in Singapore of a sustainability-linked bond (SLB), raising S$675 million for Pan-Asian energy and sustainable solutions provider Sembcorp Industries (Sembcorp), marks the latest phase in the transition to a net-zero future.

Sembcorp, through its wholly-owned subsidiary Sembcorp Financial Services Pte. Ltd., priced its inaugural SLB, anchored by an investment of S$150 million from IFC. It also marks IFC’s first investment globally as an investor in an SLB, with the partnership between Sembcorp and IFC set to support more inclusive economic growth and private sector participation, while fostering sustainable business practices and significant employment opportunities.

Sembcorp’s SLB is the first issuance by an energy company in Southeast Asia and the region’s largest such issuance to date. Unlike traditional green bonds, SLBs involve issuers pledging to improve their performance against tailor-made ESG (environmental, social, and governance) targets.

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TUAS POWER AND NEFIN PARTNER TO BID FOR 100MW ELECTRICITY IMPORT FROM MALAYSIA Tuas Power, Singapore’s market leader in power generation and electricity retailing, signed a Memorandum of Understanding earlier in June with NEFIN, a leading solar photovoltaic developer and investor in carbon neutrality solutions, to jointly bid for the 100 megawatts (100MW) of zero-carbon electricity import from Malaysia into Singapore. Tuas Power is Singapore’s leading electricity retailer, and is committed to bringing cleaner, more costcompetitive energy to its customers. With its knowledge and experience, Tuas Power has helped them develop and implement many energy efficient programmes. NEFIN Malaysia is a Malaysian company under the project development arm of the wider NEFIN Group and specialises in project development and implementation of renewable energy projects in the Southeast Asia region, with Malaysia as one of NEFIN Group’s key markets.

SEMBCORP LAUNCHES SUSTAINABLE FINANCING FRAMEWORK FOR ENERGY SECTOR Sembcorp Industries (Sembcorp) announces the launch of Singapore’s first sustainable financing framework for sustainability-linked transactions for the energy sector. The Sembcorp Sustainable Financing Framework lays out Sembcorp’s strategic approach, Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs) for its sustainability-linked transactions. Sembcorp may now issue sustainability-linked bonds, sustainabilitylinked loans or any other sustainability-linked instruments, following the guidelines laid out in the Framework.

With this Framework, Sembcorp further demonstrates its commitment to transforming its portfolio from brown to green and to achieving the sustainability goals it announced in May 2021. The three KPIs identified by Sembcorp in the Framework are greenhouse gas (GHG) emissions intensity, GHG absolute emissions, and gross installed renewable energy capacity. DNV has confirmed in its Second Party Opinion that the KPIs are core, relevant, material and consistent with Sembcorp’s sustainability position and strategy.

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SHOOTING GALLERY ASIA SIGNS SOLAR ROOFTOP PPA WITH URBAN RENEWABLES IN SINGAPORE Another round of creating sustainable communities within a city; URBAN RENEWABLES develops a solar rooftop project for Asia’s one-stop shop media production company, Shooting Gallery Asia, to embark on its sustainable journey in Singapore. The solar system sits at a capacity of no less than 160kWp, with the solar energy supplied through a long-term Power Purchase Agreement (PPA). At least 220,000kWh guaranteed energy output will be consumable for the business operations. Hence, Shooting Gallery Asia can expect over SGD 270,000 of earnings over the contracted term and reduce 134 metric tonnes of CO2 emissions annually. As a holistic sustainable energy developer, URBAN RENEWABLES will manage the entire life cycle of the project and its deliverables.

LEADER ENERGY ACQUIRES LYS ENERGY TO BOLSTER SOUTHEAST ASIA’S CLEAN ENERGY TRANSITION LYS Energy Group (LYS Energy), the leading Singapore home-grown Solar Independent Power Producer (IPP), is pleased to announce the signature of an agreement with Leader Energy, a Singaporean IPP wholly owned by HNG Capital Sdn. Bhd. of Malaysia, allowing for the acquisition of 100% of the shares of LYS Energy. KPMG in Singapore acted as the financial advisor to LYS Energy, a pan ASEAN renewable energy corporate power purchase agreement (PPA) platform, making possible one of the most important renewable energy acquisitions in Singapore. This agreement represents a significant step for LYS Energy to continue its expansion across the region, as the Group grows its solar power business in a disciplined, consistent, and purposeful way. As the adverse effects of climate change continue its race, so do unpredictability for commercial and industrial sectors.

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SEMBCORP INDUSTRIES POSTS NET PROFIT OF S$46 MILLION IN 1H2021 Sembcorp Industries (Sembcorp) posted a Group net profit of S$46 million for the first half of 2021 (1H2021) compared to a net loss of S$42 million in 1H2020. Turnover was S$3.3 billion, up 26% from S$2.6 billion in 1H2020. Group net profit before exceptional items grew 69% to S$252 million, mainly due to higher contribution from the Conventional Energy segment. In 1H2021, exceptional items totalling a negative S$206 million were recognised, due to an impairment of S$212 million made for the 49%-owned Chongqing Songzao coal-fired power plant in China.

Vietnam: SP GROUP GETS FIRST SOLAR PROJECT IN VIETNAM THROUGH JOINT VENTURE WITH BCG ENERGY SP Group (SP) and BCG Energy Joint Stock Company (BCG Energy), a wholly owned subsidiary of Bamboo Capital JSC, formalised a joint venture to invest in rooftop solar and explore other renewable energy projects in Vietnam. This partnership marks SP’s first JV platform in Vietnam. The joint venture (JV) is 51 per cent owned by BCG Energy and 49 per cent by SP. The JV combines the expertise of both companies in developing innovative, sustainable energy solutions, aimed at accelerating Vietnam’s clean energy transformation. With an initial target to develop 500 Megawatts (MW) of rooftop projects by 2025, the JV will support Vietnam’s green ambitions to be a carbon-neutral economy, and increase the ratio of electricity produced from renewable energy sources to 30 per cent by 2030. The JV also announced its first rooftop solar project with Vinamilk – Vietnam’s largest dairy production company and among the world’s Top 50 dairy producers by total sales. Under the agreement the JV will partner Vinamilk to install a combined 25 MW of rooftop solar across nine factories and seven farms.

This enables Vinamilk to generate 35,000 MWh (Megawatt-hour) of clean electricity annually – enough to power 8,140 four-room flats per year in Singapore, or approximately 20,000 households in Vietnam. It also amounts to avoidance of annual carbon emissions by close to 32,000 tonnes,

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equivalent to taking approximately 7,000 cars off the road. As part of the agreement, the JV will also make an initial acquisition of 28 MW of operational rooftop solar assets across eight commercial and industrial sites located in South and Central Vietnam.

LYS ENERGY TO INSTALL ROOFTOP SOLAR FOR FOOTWEAR MANUFACTURING IN VIETNAM LYS Energy Group (LYS) completed the solar photovoltaic (PV) system atop the facility of the leading organization in the footwear manufacturing industry located in Long An province in Vietnam. The solar PV system installations encompass five metal roofs forming a total size of 2,958.56 kWp. The solar power plant will generate 75.68 GWh of total energy.

Together with LYS Energy Group, the reputable manufacturer has agreed on a Power Purchase Agreement (PPA) whereby LYS will provide an allinclusive solution that includes financing, design, installation, operation, and maintenance of the rooftop solar PV system for 20 years. LYS Energy has selected the Talesun Bistar TP6F72M 410Wp PV module made of 144 half-cut Mono-PERC cells with 9 busbars. PV module innovations reduce PV module’s series resistance losses, provide better shading tolerance, and increase reliability which enhances power generation. The Group always selects topnotch components combined with high quality of service to provide our customers with the best solar energy experience.

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NORDIC IMPACT COOPERATION MAKES ITS FIRST INVESTMENT IN SOLAR PV PROJECT IN VIETNAM Nordic Impact Cooperation AS (“Nordic Impact Cooperation”), owned by the Finnish Fund for Sustainable Development (“Finnfund”) and Norsk Solar AS (“Norsk Solar”) has made its first investment decision into a Norsk Solar-developed solar PVproject in Vietnam. Nordic Impact Cooperation will invest approximately USD 1.4 million, which in return gives ownership of 55% of the project. The remaining ownership is held by Norsk Solar with the intention of including another Nordic state-owned DFI as a shareholder.

The project is already under construction with all supply and EPC contracts signed and initiated, and is expected to reach commercial operations in Q4, 2021. The project will generate over 300,000 MWh of clean electricity over the lifetime of the project; equivalent to offsetting more than 120,000 tonnes of CO2 emissions over the system lifetime.

GIZ LAUNCHES GREEN ENERGY MODEL 2021 IN VIETNAM Green energy certification is emerging as an indispensable factor for comprehensive and modern sustainable development as Vietnam and other economies are trying to unlock vast, low-cost energy resources. The demand for innovative, climatefriendly technologies and energy efficiency is increasing enormously, as it offers sustainable growth for the whole economy. With this in mind, Hanoi Department of Industry and Trade’s Industrial Promotion and Development Consultancy Centre (Hanoi IDC), with assistance from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH under the framework of the Renewable Energy and Energy Efficiency (4E) project, has introduced the Green Energy Model to improve energy efficiency across various industries and major buildings in Hanoi. The program aims to boost the application of high technologies, automation, and innovation in equipment related to energy, develop energy efficiency indicators, as well as promote green energy. This will also contribute to the green economy and sustainable development while enhancing competitiveness and promoting international integration.

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Indonesia:

CONSTRUCTION BEGINS OF THE FLOATING SOLAR PLANT IN MASDAR Masdar is one of the leading companies for renewable energy. In recent news, Masdar and PT PJBI (subsidiary of Indonesia’s state-owned electricity company PT PLN) has now started its construction work on the Cirata Floating Photovoltaic Power Plant project. This is Indonesia’s first floating solar power plant. The plant will start its operation in Q4 2020. The capacity of this plant is 145-megawatt (ac). This plant will be the largest in Southeast Asia and one of the biggest across the world. It is built on the Cirata reservoir in the West Java Province. The plant will power 50,000 homes and will add nearly 800 jobs. By 2025, Indonesia is targeting 23% of its energy mix coming from renewable energy under its Electricity Infrastructure Acceleration Programme.

Also, The Indonesian government recently announced to raise the proportion of renewable power to 48% in the 2021-2030 national electricity plan, from 30% as per its previous plan.

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DNV TO BE A TECHNICAL ADVISOR FOR A FLOATING SOLAR PROJECT IN INDONESIA

INDONESIAN SOLAR MARKET POISED FOR UNPRECEDENTED GROWTH, HOLDS KEY TO DECARBONIZING ENERGY SECTOR: REPORT BloombergNEF, Bloomberg Philanthropies, and the Institute for Essential Services Reform (IESR) released a new report, Scaling Up Solar in Indonesia: Reform and Opportunity. Offering tailored policy recommendations to unlock Indonesia’s abundant and untapped potential for solar power, the report reveals that a national solar program with a target of 18GW of solar energy deployment can help Indonesia attract up to $14.4 billion in investment and help the nation meet its goal of reaching 23% renewable energy by 2025. Endorsed by Arifin Tasrif, Indonesian Minister of Energy and Mineral Resources, Scaling Up Solar outlines a roadmap for Indonesia to significantly expand its solar capacity— which currently sits at just 1% of its potential. This industry outlook also shows how Indonesia, as the largest economy in Southeast Asia, offers tremendous economic and environmental opportunities for global investors as it transitions away from coal, gas, and fossil-fuel power toward a renewable energy future.

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DNV, the independent energy expert and assurance provider, acted as the Lender’s Technical Advisor, during the development phase, for Indonesia’s firstever floating solar photovoltaic (PV) project at Cirata Reservoir in West Java. The project owner, PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), is a joint venture between the Abu Dhabi Future Energy Company PJSC – Masdar (MASDAR) and Indonesian state-owned electricity company Perusahaan Listrik Negara (PLN) subsidiary PJBI. PMSE achieved financial close for the project on the 3rd of August after the satisfactory completion of the lender’s due diligence review. The senior debt of the floating solar project is being provided by Sumitomo Mitsui Banking Corporation, Societe Generale, and Standard Chartered Bank. Once operational, the 145 MWac Cirata floating PV plant will be one of the largest of its kind in South East Asia. The region is already home to a number of large-scale floating PV systems including Vietnam’s 70 MW FPV system in Quang Thanh and Singapore’s 60 MW facility at Tengeh reservoir. The Cirata floating PV project will have a plant capacity of 145 MWac. All power generated by the plant will be supplied and sold to PLN under a power purchase agreement (PPA).

CIP, AKUO TO DEVELOP 400 MW RENEWABLE ENERGY PROJECTS IN INDONESIA Copenhagen Infrastructure Partners (CIP), amongst the largest renewable energy focused fund managers globally, has through Copenhagen Infrastructure New Markets Fund I (“CI NMF”) entered into a joint venture with PT Akuo Energy Indonesia, a subsidiary of Akuo, an independent global renewable energy power producer and developer. Under the joint venture, CI NMF and Akuo will jointly develop an initial portfolio exceeding 400 MW of onshore wind, solar and run of river hydro projects in Indonesia, with a potential for future expansion. This transaction marks CI NMF’s first investment in the Indonesian renewable energy market.

This pipeline of 400 MW equals approximately 4.5% of the additional capacity required for Indonesia to reach its target of 23% renewable energy by 2025.

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PERTAMINA TARGETS 5000 GAS STATIONS TO INSTALL ROOFTOP PLTS IN INDONESIA Pertamina targets the installation of PLTS at 5000 gas stations which has the potential to save a total of IDR 4 billion in a year for all these gas stations resulting from savings in electricity bill costs. The installation of the PLTS will be carried out by Pertamina NRE as a Pertamina subholding. The energy transition that is being carried out by Pertamina can be seen on the face of the new Pertamina gas station. Green Energy Station, Pertamina’s new gas station concept, provides an integrated and more environmentally friendly service to consumers. One thing that looks different on the GES is the use of PLTS Roof to meet electricity needs.

Not only decarbonization, the use of PLTS has the potential to provide economic benefits for gas station owners of up to Rp. 1 million per month from savings in electricity bill costs. If as many as 5,000 gas stations install PLTS with a capacity of 5 KWp, then the total potential savings generated is around IDR 4 billion in a year.

Malaysia: MALAKOFF SIGNS SIX NEW ROOFTOP SOLAR PROJECTS WITH DRB-HICOM GROUP Malakoff Radiance Sdn Bhd (“Malakoff Radiance”), a subsidiary of Malakoff Corporation Berhad (“Malakoff”), has completed the signing of six Solar Power Purchase Agreements (“SPPAs”) for the development of rooftop solar energy systems with companies under the DRB-HICOM Group. The companies, namely CTRM Aero Composites Sdn Bhd, HICOM Automotive Manufacturers (Malaysia) Sdn Bhd, Isuzu HICOM (M) Sdn Bhd, HICOM TeckSee Manufacturing Sdn Bhd, HICOM Berhad and Motosikal dan Enjin Nasional Sdn Bhd are manufacturing and engineering arms of the DRBHICOM Group. The solar facilities will be installed under a Build-Own-Operate-Transfer (“BOOT”) contract as part of a 25-year SPPA. Upon completion, these facilities are expected to generate 18,836 MWh of clean electricity per annum. These will collectively neutralise about 13,072 tonnes of carbon emissions per year from the manufacturing industry.

SOLARVEST SECURES CONTRACT TO DEVELOP 17.36MW SOLAR FARM IN MALAYSIA

FINAL FUNDING SECURED FOR 145MEGAWATT FLOATING SOLAR POWER PLANT OF INDONESIA The largest Southeast Asian project of a 145megawatt floating solar power plant secured its final funding approval. It is being built by UAE and Indonesia and will start the operation by next year.

Masdar and PJBI have secured $140 million from multinational lenders for the project’s financing.Last year, the President of Indonesia, Joko Widodo secured an investment agreement in Abu Dhabi of $22.9 billion and this floating power plant is one of the projects agreed upon. The floating power plant will cover 250 hectares or 3% of the total area of the Cirata reservoir and construction of the same has already started. In this area, PJBI already operates a 1,008-megawatt hydropower plant.

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Solar PV system specialist, Solarvest Holdings Berhad has today secured a RM66 million contract, its third win in one month, from Grooveland Sdn. Bhd. to develop a LSSPV plant in Mukim Bota, Perak.

The Group will undertake the main EPCC works for the 17.36MW solar farm. With the latest contract, Solarvest’s new EPCC orders secured from the LSS@Mentari programme grew to approximately RM196 million, boosting its total unbilled order book to a record-breaking high of RM400 million. Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong said, “We are pleased to be growing on several verticals and continue to benefit from national programmes such like LSS@Mentari and NEM 3.0. While our delivery timeline has been pushed back due to the lockdown measures, project orders remain very active from both the LSSPV, and Commercial and Industrial segments. The demand for solar continues to be resilient and is on an upward trajectory albeit the challenging operating landscape.”

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MALAKOFF SIGNS MOU WITH KOPERASI POLIS DIRAJA MALAYSIA BERHAD FOR ROOFTOP SOLAR DEVELOPMENT Malakoff Corporation Berhad (“Malakoff”) has signed a Memorandum of Understanding (“MoU”) with Koperasi Polis Diraja Malaysia Berhad (“KPDRM”) to assess the feasibility of jointly developing rooftop solar projects at selected Polis Diraja Malaysia (“PDRM”) building premises in Peninsular Malaysia.

The collaboration comes under the Net Energy Metering 3.0 scheme or for Self-Consumption, whereby electricity generated from solar energy will be supplied to PDRM under a long-term Solar Power Purchase Agreement. The power generated from these rooftop solar projects will be at a lower tariff than the electricity tariff from the national grid, thus resulting in potential cost savings for PDRM. Managing Director/Chief Executive Officer Anwar Syahrin Abdul Ajib said this collaboration with KPDRM is yet another milestone in Malakoff’s expansion in the Renewable Energy (“RE”) segment as the Group embarks on a transformation journey towards decarbonisation by 2050.

LAGENDA PROPERTIES AND SOLARVEST COLLABORATE FOR BUILDING A SUSTAINABLE TOWN IN MALAYSIA Affordable housing and integrated township developer, Lagenda Properties Berhad has appointed clean energy specialist, Solarvest Holdings Berhad (“Solarvest”) as its solar photovoltaic (“PV”) systems partner to build the largest sustainable affordable township in Malaysia. For a start, Solarvest will install 1,000 residential solar PV systems across three township projects developed by Lagenda Properties in the state of Perak, Malaysia. These solar-ready homes are in line with the Malaysian government’s recent launch of the NEM Rakyat program. The PV system can generate energy up to 98% of the monthly electricity usage.Solarvest will be supporting Lagenda Properties to build these future-forward homes by undertaking the solar design, supply, installation, testing, and commissioning works for the selected 1,000 homes located in Perak. Upon completion of the project, the three townships will potentially produce approximately 2.8GWh of clean electricity which neutralises about 1,950 tonnes of carbon emissions per year.

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PLUS XNERGY INTRODUCES FIRST RENT-TO-OWN SOLAR SOLUTION Plus Xnergy Holding Sdn Bhd (“Plus Xnergy”) a Malaysian-founded leading clean energy solutionist today undergoes a rebranding exercise as part of its pivot to restructure and optimise its business to reinvent energy. The efforts resulted in the creation of Plus Xnergy as the main holding company, with Plus Xnergy Services Sdn Bhd (“PXS”) formerly known as “Plus Solar Systems Sdn Bhd” as its Engineering, procurement, construction and commissioning (EPCC) subsidiary and Plus Xnergy Edge Technologies Sdn Bhd (“PXET”) as its technology-focused subsidiary. In its first year, Plus Xnergy projects to outfit 2,000 houses with solar power, and up to 5,000 by its second year. This is aligned with the NEM 3.0 Rakyat program, which the government introduced early this year, to encourage the growth and adoption of solar solutions for consumers and households. The B2C efforts will also create more than five hundred microentrepreneurs in the process.

SHELL COMMITS ITS FIRST OFFSHORE WELLHEAD PLATFORM IN MALAYSIA TO BE POWERED BY SOLAR AND WIND Sarawak Shell Berhad (SSB), a subsidiary of Royal Dutch Shell plc, announced that it has taken a final investment decision (FID) on the Timi gas development project and, together with its partners PETRONAS Carigali Sdn Bhd and Brunei Energy Exploration, look forward to delivering this for Malaysia. The Timi field is situated approximately 200 kilometres (km) off the coast of Sarawak, in Malaysia. The Timi development features SSB’s first wellhead platform in Malaysia that is powered by a solar and wind hybrid renewable power system. This unmanned platform is approximately 60% lighter than a conventional Tender Assisted Drilling (TAD) wellhead platform. This project also includes the drilling of two wells.

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SOLARVEST SIGNS 50MW PPA WITH TNB Clean energy specialist, Solarvest Holdings Berhad signed power purchase agreements (“PPA”) with Tenaga Nasional Berhad (“TNB”) for the sale of electricity from its three shortlisted large-scale solar (“LSS”) plants under the LSS@Mentari program. The signing of the contract officiates the 21-year solar electricity deal, whereby TNB will be the off-taker of the electricity generated by Solarvest’s LSS plants across two states with a cumulative capacity of 50 megawatts (MW). Among the three LSS plants, the largest solar farm has a capacity of 25MW which will be based in Manjung, Perak. This is followed by a 13MW solar farm to be constructed in Kuala Selangor and another 12MW solar farm in Manjung, Perak.

Based on Solarvest’s healthy balance sheet, the development projects will be funded by a combination of funds raised from corporate exercise and external borrowings. Upon the signing of the PPA, the Group will work towards obtaining financing and the necessary approvals by the end of 2021.

Construction activities for the solar plants are expected to commence in early 2022. The three plants are scheduled to begin commercial operation between 2022 and 2023.

Thailand: CONSTANT ENERGY SIGNS 1.4 MW ROOFTOP SOLAR DEAL WITH SAFRAN CABIN IN THAILAND Safran Cabin announces the execution of the first solar corporate PPA with Constant Energy. The project is a 1.4 MW solar rooftop located at the Safran Cabin Lamphun factories in the Northern Region industrial estate, in Thailand. This is the fifth PPA project of Constant Energy in the Northern Region. It will support Safran Cabin in reducing its carbon footprint (nearly 17,000 Tons over the PPA term) and reduce operating expenses thanks to a solar tariff substantially cheaper than the current utility. Due to limited factory access during the COVID-19 pandemic situation in Thailand, an e-signing ceremony celebrated this new long-term partnership between Safran Cabin and Constant Energy. Olympus Capital – Constant Energy’s shareholder – also joined the eceremony. There were 11 participants located in France, Thailand, India and Singapore.

THAILAND’S LARGEST FLOATING PV PLANT WITH SUNGROW PV AND FLOATING SOLUTIONS COMES ONLINE

SOLARVEST UNDERTAKES EPC PROJECT TO BUILD 50MW SOLAR FARM IN PERLIS, MALAYSIA Clean energy specialist Solarvest Holdings Berhad has secured another large-scale solar (“LSS”) project worth RM175 million under the LSS@Mentari program. The new contract was awarded by Classic Solar Farm Sdn. Bhd. for the development of an LSS plant in Chuping, Perlis. The Group will undertake the main engineering, procurement, construction, and commission (“EPCC”) works for the 50 megawatts (MW) solar farm. Inclusive of the latest contract, Solarvest’s new EPCC orders secured from the LSS@Mentari program grew to approximately RM371 million.

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Sungrow, the global leading inverter solution supplier for renewables, stated that the Company supplied both PV inverter solutions and floating solutions to Thailand’s largest hydro-floating PV plant, fueling the national transition to a lower carbon economy. The plant, occupying an area of 121 hectares, is located on the surface of a dam in the northeast province of Ubon Ratchathani and was grid-connected in September 2021. It reaches a 58.5MW capacity.

Sungrow supplied the SG3400HV PV inverter solution which reaches a level C5 of anti-corrosion. Coming together with the combining box of protection level IP67, the solution proves resilient in harsh reservoir conditions. Optimized for large-scale PV plants, the solution provides high yields with a maximum inverter efficiency of 99%. Furthermore, the solution ensures low transportation and installation costs due to its standard container design. It relies on integrated zone monitoring for online analysis and troubleshooting.

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Philippines: AC ENERGY’S MONTESOL SOLAR FARM RECEIVES SAFETY SEAL FROM DEPARTMENT OF LABOR AND EMPLOYMENT (DOLE)

CONSTANT ENERGY SIGNS CORPORATE PPAS TOTALING 6 MW WITH COCA-COLA BOTTLER THAINAMTHIP Constant Energy (“Constant E”) is pleased to announce the execution of long-term Corporate PPAs with ThaiNamthip Co., Ltd. The projects are located in the Pathum Thani, Khon Kaen, and Lampang provinces, Thailand. ThaiNamthip is a bottler of The Coca-Cola Company in Thailand into which the Fortune 500 firm owns a 40% stake. Drinks such as Coca-Cola, Fanta, Sprite, and Schweppes are produced and bottled in these manufacturing plants, then sold to the Thai market. The rooftopbased solar power plants to be built, owned, and operated for 20 years by Constant E will support ThaiNamthip and The Coca-Cola Company in reducing both CO2 emissions (over 67,000 Tons) and electricity bills. They incorporate the Enhanced Health & Safety and High-Quality features developed

by Constant E and renowned HSE consultants, enabling among the highest safety levels for work at height and solar roof engineering, construction, and operation.

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AC Energy Corp’s 18-megawatt (MW) MonteSol solar farm in Bais, Negros Occidental received a safety seal certification from the Department of Labor and Employment (DOLE) for its compliance with the minimum standard set by the Inter-Agency Task Force for COVID-19 prevention protocol. It is the first solar farm in the region under the utilities category to be awarded by DOLE outside Cebu province. The certification is a public assurance of MonteSol’s strict compliance with preventive and control measures before entry to buildings or workplaces; preventive and control measures inside the workplace; minimizing and reducing contact rate; management of symptomatic individuals at the workplace; information, education, and communication strategies; occupational safety and health committee; notification and reporting; disinfection and closure of buildings and workplaces; and leave of absences and entitlements.

AC ENERGY NET INCOME CLIMBS TO ₱2.7 BILLION IN 1H 2021 AC Energy disclosed that it achieved a consolidated net income of ₱ 2.7 billion for the first half of 2021, a 5 % increase from ₱ 2.6 billion of the previous year. This includes the results of operations of the international power assets that have been recently infused by parent AC Energy and Infrastructure Corporation (ACEIC) into ACEN. Consolidated revenues for the period rose 35 % to ₱ 13.4 billion. ACEN’s performance was driven by demand recovery from pre-Covid-19 pandemic levels, acquisition of operating projects, and newly operational renewable energy (RE) projects. However, the strong revenue growth was partially offset by increased costs of purchased power due to high WESM prices during thermal power outages.

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JERA TO INVEST $1.58B IN PHILIPPINE ENERGY PRODUCER ABOITIZ POWER

JERA Co., Inc. (JERA) has decided to acquire approximately 27% of the outstanding shares of Aboitiz Power Corporation (Aboitiz Power), a major power utility in the Philippines, for approximately 1,580 MUSD (the Transaction) and has executed a share purchase agreement with Aboitiz Equity Ventures Inc. and Aboitiz & Company. Working in conjunction with Aboitiz Power, JERA hopes to significantly advance the expansion of clean and renewable energy in the country. Aboitiz Power aims to expand power generation capacity to 9.2 GW and achieve a 50:50 clean energy and thermal capacity mix by 2030 to meet the increasing demand for electricity in the future while promoting renewable energy in the Philippines. At the same time, JERA is working to eliminate CO2 emissions from its domestic and overseas businesses by 2050 under its “JERA Zero CO2 Emissions 2050” objective. By participating in the Aboitiz Power business, JERA will make a positive contribution towards the promotion of clean and renewable energy in the Philippines.

AC ENERGY TO PARTNER WITH IB VOGT FOR 300 MW SOLAR PROJECTS Ayala-led AC Energy Corporation (ACEN) is planning to partner with German firm ib vogt for the installation of at least 300 megawatts (MWdc) of solar power projects in the Philippines. The 300 MW installation is an initial target set by the companies in the proposed joint venture deal with AC Energy. AC Energy has been accelerating project developments of wind and solar farm facilities in the country as a part of the 5,000 MW renewable energy capacity. AC Energy stipulated that the executive committee of its board also earmarked capital expenditure (capex) for its two major RE projects in the Philippines – the 288 MW solar project in Buguey and Lal-lo in Cagayan province; and the 275MW expansion of its Gigasol Palauig solar farm venture in Zambales province. The first 63 MW Gigasol Palauig solar facility reached commercial operations in April this year and it is now feeding its generated electricity to the Luzon grid.

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AC ENERGY AIMS TO RAISE US$400 MILLION IN FIXED-FOR-LIFE GREEN BONDS AC Energy Corporation disclosed that its whollyowned subsidiary, ACEN Finance Limited, successfully set the terms of its U.S. dollardenominated senior guaranteed undated fixed-for-life (non-deferrable) green bonds at an aggregate principal amount of US$400.0 million, with a fixed coupon of 4.0% for life with no step-up and no reset, priced at par. The Bonds will be issued by ACEN Finance Limited under its US$1.5-billion medium-term note program, will be guaranteed by ACEN, and will be listed on the Singapore Exchange Securities Trading platform (SGX-ST). On 25 August 2021, the Philippine Securities and Exchange Commission (SEC) confirmed that the Bonds comply with the requirements under the ASEAN Green Bonds Circular and qualify as an ASEAN Green Bond Issuance.

Pricing for the bonds was at 4.0%, which was 45 basis points tighter than the initial price guidance. The final order book volume exceeded US$2.0 billion (more than 5 times oversubscribed), attracting a wide range of high-quality investors.

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INCONVERSATION

Franck Constant CEO

Constant Energy In an exclusive conversation with SolarQuarter ASEAN magazine, Mr. Franck Constant - CEO, Constant Energy talks about how the dynamics of the solar sector have changed in the region. He also speaks about the major projects undertaken by his company along with the corporate PPAs signed. He gives us insights into the company’s future plans as well.

1

HOW HAS THE SOLAR ENERGY SECTOR DYNAMICS CHANGED OVER THE LAST FEW YEARS IN SOUTH EAST ASIA?

From my point of view, the solar power industry has moved from a dynamic where Thailand was leading by far the amount of installed solar PV, with around 6GW through a long term progressively declining FIT policy, towards a mix of solar PV systems and wind energy in 2007. The situation over the last two years has shifted to allow Vietnam to become the largest installed solar PV market with 20GW installed

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through FIT on ground and roof top projects under FIT, with Malaysia and Philippines catching up to Thailand progressively. Other large countries in South East Asia have essentially accomplished little so far in terms of solar PV build out due to issues ranging from domestic stability (Myanmar) to incumbent energy player’s resistance to change (Indonesia).

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2

COULD YOU PLEASE TELL US ABOUT SOME MAJOR UTILITY SOLAR PV GENERATION PROJECTS OF YOURS IN THE SOUTH EAST ASIAN REGION?

While our management team has been very successful in deploying large scale solar PV projects from 2008-2016 around the world under the FIT global wave (over 140 projects built), Constant Energy has been recently focusing on the new wave of solar farms built for corporate PPA, allowing corporates to cut power costs and dramatically reduce their scope of carbon emissions contributing to greenhouse gases, by combining solar PV (ground, rooftop and floating), and energy storage systems (ex: battery storage solutions). The rapidly decreasing cost of these solutions enable us to provide an attractive sustainability journey to an increasing number of corporate clients looking to reduce their greenhouse gas emissions for a smaller and more sustainable carbon footprint to do their part in the fight against climate change.

3

HOW DO YOU IDENTIFY POTENTIAL RENEWABLE ENERGY INVESTMENT OPPORTUNITIES IN THE REGION? WHICH FACTORS DO YOU FOCUS UPON?

We look initially at all markets where we can first build, own and operate a fleet of solar power stations (at least 100MW within 2 years), before focusing on countries who have a proven strong regulatory backbone for private power projects. Our people will be operating and managing those plants for 20 years and therefore we need to insert ourselves sustainably into the markets we choose to operate in.

WE HAVE RECENTLY SIGNED A LONG TERM PPA WITH A JV BOTTLING COCA COLA COMPANY FOR MULTIPLE SITES IN THAILAND, ONE OF THE LARGEST LISTED SEMICONDUCTOR PRODUCERS IN THAILAND WITH OVER 20,000 STAFF AND OWNER OF ALL OF TATA STEEL GROUP FACTORIES IN THAILAND."

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4

RECENTLY, YOUR COMPANY HAS SIGNED CORPORATE PPAS FOR SOLAR POWER. PLEASE TELL US A BIT ABOUT THEM.

We focus on Fortune 1000 companies as clients as well as large locally respected industrial houses. We have recently signed a long term PPA with a JV bottling Coca Cola company for multiple sites in Thailand, one of the largest listed semiconductor producers in Thailand with over 20,000 staff and owner of all of Tata Steel group factories in Thailand.

Our renewable energy clients are diversified across many different sectors but all share the same longterm outlook, prioritizing long term quality and efficiency. As a side benefit to these solar PV projects, our diverse team is very aware of the necessity of being good neighbours in the areas we operate and constantly seek to improve our ESG performance (5 star GRESB in 2020 #1 among Thailand power generators). The management team has also been strong in aligning banks with the debt financing of our projects globally, with more recent efforts focused on Thailand and Vietnam to further enhance our capabilities to finance a larger amount of projects in our target regions.

5

HOW DO YOU SEE CONSTANT ENERGY EVOLVE IN THE NEXT 5 YEARS?

Our goal is to become the most respected solar power provider to corporations in the markets we currently operate and to grow our operating fleet of solar PV plants by at least twentyfold while prudently expanding geographically to best serve our good customers in an ever growing number of countries.

The last solar power business we developed, we grew by twenty in five years across nine countries , so I think it is not only achievable to replicate such growth for Constant Energy, but also a moral imperative to do so given the current climate emergency in our world. We do this by constantly supporting the communities surrounding our projects with CSR projects (we have been awarded twice now the American Chamber of Commerce CSR Award in 2020 and 2021). We want our children and grandchildren to be proud of our business actions 20 years from now.

OTHER LARGE COUNTRIES IN SOUTH EAST ASIA HAVE ESSENTIALLY ACCOMPLISHED LITTLE SO FAR IN TERMS OF SOLAR PV BUILD OUT DUE TO ISSUES RANGING FROM DOMESTIC STABILITY (MYANMAR) TO INCUMBENT ENERGY PLAYER’S RESISTANCE TO CHANGE (INDONESIA)."

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INCONVERSATION

Luu Minh Tien Chairman and CEO

Solar Electric Vietnam JSC SolarQuarter ASEAN magazine had an exclusive conversation with Luu Minh Tien - Chairman and CEO, Solar Electric Vietnam JSC. and understood some key learnings and challenges that the company faced during Covid crisis. He also spoke about the major projects the company undertook and the future outlook of the solar sector in Vietnam.

1

WHAT HAVE BEEN SOME KEY LEARNINGS AND CHALLENGES FOR THE YEAR ESPECIALLY AFTER HAVING FACED THE COVID CRISIS?

There have been many critical changes for human beings during "Covid 19" as the market and business had to adapt to the new normal.

Some main challenges were: The covid-19 pandemic has had a profound impact on the global economy and the way businesses have been running. Just in Vietnam, in 2020, there were more than 100,000 businesses

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that announced to stop doing business, which would create the structure change for the market with a huge impact in the supply chain of many sectors.

Companies were forced to constantly change their business plans in the short term with a lot of additional costs, especially for logistic cost in order to keep track with the long term goals.

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Some key Lessons learnt: The lesson learned here is business needs to be " in cautious status" all the time. No matter how difficult the situation, there will always be opportunities. SEV realizes that the market will bounce back at the end of the pandemic, and we insist in our long term business strategy with the confidence in RE sector.

Digital transformation is a trend and becoming vital and crucial for businesses to sustain during covid time. With the development of society and the increasingly competitive market, digital transformation is inevitable. SEV has quickly transitioned to this new working mode to adapt with new technology- applying ERP in the company’s operation, which certainly brings certain advantages.

2

PLEASE BRIEF OUR READERS ABOUT THE RECENT PROJECTS THAT YOU HAVE UNDERTAKEN IN VIETNAM. WHAT HAS BEEN YOUR BIGGEST CHALLENGE SO FAR?

We invested in some outstanding projects in rooftop solar power in 2020 such as: Nam Tan Uyen Industrial Park project, Binh Duong 4.4MWp; Project Viet Vuong 3 – Ben Tre 3.75MWp; Boho Décor Long An Project 1.8MWp; And some projects are ready for investment in Q4/2021-Q2/2022 such as: 7MWp Yuzhan Bac Ninh project; An Phat Hai Duong Project 11MWp. Big challenge for us are as follows: For the projects in 2020: The biggest challenge is the projects must be COD in the short timeline simultaneously. As an EPC, within 4 months until the end of the FIT2, December 30, 2020, SEV completed more than 20 MWp. At that time, all the main components such as solar panels and inverters were in shortage of supply, which led to the rise in input price for all projects, likewise, high logistic cost, labour cost, etc also ended up with significantly increased total costs.

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For 2021 and possibly the end of the second quarter of 2022: A policy gap has appeared since no new policies have been announced yet to replace FIT 2, and there is no specific plan or timeline for new policy which means uncertainty. The implementation of the new projects have been faced with many difficulties, the stakeholders are struggling to know how to do it right, despite the installation for self-consumption purposes.

There is a super cycle of increasing commodity prices globally, basic materials such as steel, copper, aluminum have increased continuously and show no sign of stopping. Leading to a series of manufacturing industries such as panels, inverters with a crisis of lack of raw materials, lack of chips, etc. This led to an increase in total investment of a solar project up to 20-25% compared to 2020.

Global shipping is in crisis, freight rates are 10 times higher than the historical peak average, containers are scarce, some major seaports in the world are blocked or interrupted because of covid-19. All of these cause a sudden increase in freight costs, slow down the transportation process, lead to a longer project implementation time, and increase all direct and indirect management costs.

In Vietnam, strict have restricted slowed down the costs for testing, increase the costs

measures to control Covid-19 movement between regions, circulation of goods, indirect and working conditions have significantly.

In the context of increasing global inflation pressure, national central banks have increased their money injection to promote and maintain economic activities. This leads to the cash flow of investors looking to safe investment channels such as real estate, gold rather than investing in production, medium and long-term investment.

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3

TELL US A BIT ABOUT THE RECENT TECHNOLOGY AND COST TRENDS IN THE SOUTH EAST ASIAN SOLAR MARKET.

Popular module technology is still mono-crystalline technology. The trend was from mid-2020 to now, and possibly until the end of 2022, there is no breakthrough in solar panel technology other than technology from the big manufacturers. The world's leading manufacturers such as Longi, Canadian Solar, Trina Solar, Jinko Solar, etc are continuing to improve technology to increase the efficiency of modules to maximize the yield in a certain area. The best current commercially produced panels are 450Wp; 500Wp; 540Wp; 600Wp. Inverter technology in the world is developing in a distributed direction. Instead of using large central inverters 2-3-5MW, farms are tending to increase the rate of using string inverters with a capacity of 1 0 0 k W - 2 5 0 k W . St r i n g i n v e r t e r t e c h n o l o g y i s s h o w i n g advantages such as simpler installation, easier in operation, maintenance and replacement compared to central inverter technology.

Inverter devices are increasingly integrated in the allin-one trend, integrating and expanding more important protection features and in tandem with a faster development from panel manufacturers.

The trend of improving technology leads to a significant reduction in land use in the solar PV sector from the time of 1.2ha/1MWp until now with only 0.7ha for 1MWp. However, in 2021-2022, due to the covid-19 pandemic total investment costs has a short term increase.

INVERTER TECHNOLOGY IN THE WORLD IS DEVELOPING IN A DISTRIBUTED DIRECTION. INSTEAD OF USING LARGE CENTRAL INVERTERS 2-3-5MW, FARMS ARE TENDING TO INCREASE THE RATE OF USING STRING INVERTERS WITH A CAPACITY OF 100KW-250KW."

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4

HOW DO YOU SEE THE SOLAR MARKET PROGRESSING IN VIETNAM IN THE NEXT 5 YEARS?

Solar energy in particular and renewable energy in general is an inevitable trend globally, and Vietnam is no exception to that trend. The draft Power Plan VIII is being promoted by the Government of Vietnam to 2035 with a vision to 2045, the proportion of renewable energy accounts for about 25%-30% of the total power generation structure. And compared to the present time, this capacity will need to be increased more than 2 times to keep the market to be a very potential market.

V N i s c u r r e n t l y t h e p r e f e r r e d d e s t i na t i o n f o r g l o b a l corporations and manufacturing enterprises in the supply chain rearrangement. Therefore, it is almost certain that the load demand will increase markedly in the coming years. Since then, the demand for developing electricity sources for Vietnam's economic development will increase significantly.

Vietnam is increasingly expanding and strengthening international cooperation, multilateral cooperation, participating in regional and global trade organizations, so Vietnam will have to fully participate i n s t a n d a r d s , a n d i n te r n a t i o n a l r e g u l a t i o n s . T h e commitment of the Vietnamese government to not trade off the environment for economic development has been partly demonstrated in the past two years, and will continue to be strong in the coming years.

Therefore, the renewable energy industry in particular will have great development momentum in Vietnam in the coming years, with advanced and environmentally sustainable technologies.

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INCONVERSATION

Frank Phuan CEO

Sunseap In an exclusive interview with SolarQuarter ASEAN magazine, Mr. Frank Phuan - CEO, Sunseap gave us insights into the solar sector scenario in Singapore and the major rooftop and utility scale projects that Sunseap has undertaken. He also spoke about the world’s largest floating solar plant the company is building in Indonesia.

1

PLEASE TELL US ABOUT HOW THE CURRENT OVERALL SCENARIO FOR THE SOLAR SECTOR IS IN SINGAPORE?

Solar is the most promising renewable energy source for Singapore due to its tropical location which gives it an abundance of sunshine throughout the year.

buildings, there are plans by the government to tap regional power grids to access energy from neighbouring countries.

Singapore plans to quadruple solar energy deployment to 1.5 giga-watt peak (GWp) by 2025, rising to at least 2 GWp by 2030, according to the Singapore government’s Green Plan. In addition to tapping solar energy through installing solar panels on rooftops of public flats, industrial and commercial

In this respect, Sunseap is well positioned to participate in any regional initiatives as a result of our joint venture with Malaysia’s largest utility, Tenaga Nasional Berhad. The joint venture was set up to participate in a trial by Singapore to import electricity from Malaysia.

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2

KINDLY BRIEF OUR READERS ABOUT THE MAJOR ROOFTOP AND UTILITY SCALE PROJECTS THAT SUNSEAP HAS UNDERTAKEN IN SINGAPORE?

We have undertaken many large projects Singapore. Of these, the most noteworthy are:

in

the Solar Nova project to install solar photovoltaic (PV) systems across more than 1,000 HDB blocks and 49 government sites, and our floating solar farm in the Straits of Johor between Singapore and Malaysia which was completed in March 2021.

The first project involves installing 170,000 solar panels on the rooftops of Housing Development Board (HDB) flats where some 80% of Singapore’s population live. When completed, the PV systems will generate up to 70 MWp of solar energy, which is enough to power about 17,500 4-room Housing Development Board (HDB) flats annually. A 4-room HDB flat - the most common configuration in Singapore - has an area of around 90 square metres.

The floating farm in the Straits of Johor is one of the world's largest on sea water. It involved a total of 13,312 solar panels, 40 inverters and more than 30,000 floats. The installation is expected to produce an estimated 6 million kilo-watt hours (kWh) of energy per year, potentially offsetting an estimated 4,258 tons of carbon dioxide.

Courtesy of StorHub

3

TELL US ABOUT THE CURRENT INSTALLED CAPACITY OF THE COMPANY AND WHAT ARE THE INVESTMENT PLANS FOR THIS YEAR?

As of July 2021, our contracted capacity of projects stood at 427MWp. In June this year, we partnered China’s Statecloud Energy Co. Ltd ( ) to invest in a RMB300 million fund that will invest in solar energy projects in Jinan City, which is the capital of Shandong province, as well as in other provinces.

中企国云能源科技有限公司

The five-year investment, through a Qualified Foreign Limited Partnership (QFLP) will provide funding to build, own and operate distributed solar assets such as commercial rooftop solar systems, with a target of achieving over 200MW distributed solar assets. The partnership will also build and eventually transfer utility scale renewable energy assets in Shandong province. This is the first such QFLP in Jinan City and the second in Shandong province.

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4

SUNSEAP IS BUILDING THE WORLD'S LARGEST FLOATING PLANT IN INDONESIA. TELL US A BIT ABOUT IT.

We will be building a floating photovoltaic system a n d e n e r g y st o r a g e s y s t e m o n D u r i a n g k a n g Reservoir in Batam, which is an Indonesian island near Singapore. Construction is slated to start next y e a r w i t h c o m p l e t i o n s c h e d u l e d f o r 2 0 2 4 . Wh e n ready, the floating platform will be the world’s largest with a capacity of 2.2 GWp, spanning some 1,600 hectares.

The energy storage system will also be the world’s largest with a storage capacity larger than 4,000 MWhr. By installing floating solar panels, we reduce evaporation and allow more water to be retained within the reservoir. At the same time, the water cools the solar panels, allowing them to generate more energy.

Batam is part of Indonesia’s Riau Islands and it is one of the country’s major industrial zones. Duriangkang currently provides more than 50% of Batam’s fresh water.

THE INSTALLATION IS EXPECTED TO PRODUCE AN ESTIMATED 6 MILLION KILO-WATT HOURS (KWH) OF ENERGY PER YEAR, POTENTIALLY OFFSETTING AN ESTIMATED 4,258 TONS OF CARBON DIOXIDE."

5

HOW IS YOUR COMPANY GEARING UP TO FACE THE NEXT YEAR 2022? WHAT CAN WE LOOK FORWARD TO?

Sunseap expects to have a busy 2022 as the region’s solar industry is growing rapidly and we have a healthy pipeline of local and regional projects.

For instance, the partnership with Statecloud Energy is expected to move to the next phase. Other than that, we will be deploying rooftop PV systems with an electric vehicle (EV) partner in Singapore that will be announced soon. We will also be expanding in Taiwan with the deployment of PV systems in new types of structures and buildings.

WHEN COMPLETED, THE PV SYSTEMS WILL GENERATE UP TO 70 MWP OF SOLAR ENERGY, WHICH IS ENOUGH TO POWER ABOUT 17,500 4-ROOM HOUSING DEVELOPMENT BOARD (HDB) FLATS ANNUALLY."

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INSIGHTS

DEVELOPMENT OF SOLAR POWER IN

VIETNAM AND OUTLOOK B a s e d o n t h e l a t e s t d r a f t P o w e r M a s t e r P l a n 8 ( P D P 8 ) , u p t o 2 0 4 5 t h e r e q u i r e d c a p a c it y f o r s o l a r p o w e r is a p p .

5 1 . 5 G W . U p t o D e c 2 0 2 0 , V i e t n a m h a s s o l a r p o w e r c a p a c i t y o f 1 9 . 4 5 0 M W p ( a p p . 1 6 . 5 0 0 M W ) w h ic h a c c o u n t s f o r 2 5 % t o t a l i n s t a l l e d c a p a c i t y i n t h e V i e t n a m g e n e r a t i o n m i x . T h e r e i s s t i l l s o m u c h p o t e n t ia l f o r s o l a r d e v e l o p m e n t . T h i s m i r a c l e d e v e l o p m e n t h a s h a p p e n e d i n j u s t 4 y e a r s t h a n k s t o t h e e n c o u ra g e d p o l ic ie s f ro m t h e G o v e r n m e n t a n d t h e i n t e r e s t o f a l l k e y p l a y e r s s u c h a s l o c a l a n d f o r e i g n d e v e l o p e rs , s u p p l ie rs , f in a n c e institutions, etc. This article is to review the development history and anticipate the outlook for the solar business.

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From 1 July 2019 till 22 May 2020, due to the lack of regulation on FIT2, the development of solar projects slowed down in comparison with the period of FIT1.

However, since May 2020, development has been booming again, especially rooftop power projects. By the end of 2020, the total installed capacity for rooftop (grid connected) is approx 9,300 MWp and for ground mounted is approx 9,700MWp. Besides, the development on non-grid connected is also booming but the statistical data is not available at the moment.

The below chart summarises the growth of solar development thanks to FIT 1 and FIT 2.

FIT 1 Prior to 1 June 2017 the effective date of Decision 11/2017/QĐ-TTg (Decision 11), the Vietnam Government had been paying attention to clean energy but due to the lack of key guidance on investing and pricing mechanism, the investment in solar power is mostly zero. However, with the issuance of Decision 11 which stipulated among other the feed-in-tariff (FIT) of 9.35 US cent/Kwh for ground mounted solar (FIT 1), the development of solar power was booming. But this FIT is only applicable for projects that have COD by 30 June 2019. By 30 June 2019, 4,460 MW solar capacity has been generated and connected to the grid.

Due to the fast and vast development, there was a curtailment risk whereby the development of power transmission systems (monopoly by Electricity of Vietnam (EVN)) can not meet the requirement for newly installed solar projects. There were certain projects that must operate under its designed capacity.

FIT 2 Until 22 May 2020 the effective date of Decision 13/2020/QĐ-TTg (Decision 13) which replaces Decision 11 to promulgate the new FIT for solar projects which have COD from 1 July 2019 to 30 Dec 2020 (FIT 2). Under Decision 13, the FITs are in the below table Type of solar project

Tender Name

Floating project

7.69

Ground mounted project

7.09

Rooftop project (grid connected)

8.38

FIT 3 OR AUCTION? From 1 Jan 2021, pending the official regulation on the tariff, there is a proposal on (i) the auction mechanism for ground mounted projects and (ii) the FIT 3 for rooftop projects which have COD in 2021 is in the range of 5.89 US cent/kwh to 6.84 US cent/kwh and it is fixed for 20 years. FIT 3 will be revised annually. There may be other considerations which are carefully reviewed by the Government.

The delay in issuance of regulations is understandable from the Government’s standpoint.

They don’t want the solar market to develop with the negative impact in the past such as the master plan being impacted, the imbalance of generation mix, impact on the transmission system, etc.

As there still is so much potential for solar development, we trust that whatever the regulation is about to stipulate it will tend to a more stable and sustainable development of solar power.

Tran Van Trung (Mr) CPA Aust - Director, Head of Power Sector, KPMG Vietnam

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INSIGHTS WHAT ARE THE LEGAL & REGULATORY CHALLENGES FOR SOLAR DEVELOPMENT IN VIETNAM? WHAT ARE NEW OPPORTUNITIES AND UPCOMING REGULATORY CHANGES IN VIETNAM?

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Mr. Thanh Hai Nguyen

DPPA PILOT PROGRAM FOR SOLAR FARMS

Special Counsel, Energy & Infrastructure at Baker McKenzie Vietnam

VIETNAM NEW DRAFT PROPOSAL FOR THE NEW NATIONAL POWER DEVELOPMENT PLAN ("PDP8") Following the request by the new deputy Prime Minister and the Office of Government, the Ministry of Industry and Trade of Vietnam (MOIT) has reviewed and made further updates to the Draft PDP8 and more recently released the new Draft PDP8. Under the new Draft PDP8, solar power capacity will increase from about 17,240 – 18,540 MW during the 2021-2025 period to about 18,640 – 22,040 MW by 2030 and about 51,540 – 63,640 MW by 2045. These are expected to account for about 16.79-17.61%, 14.3-15.32% and 19.3-19.67% of the total installed capacity by 2025, 2030 and 2045, respectively.

Explaining the lower-than-expected solar power capacity to be developed in 2021-2030, under the Draft PDP8 proposal, the MOIT notes their concerns over the overload of grid capacity, among others, with the Draft PDP8’s policy to focus on selfconsumption models.

SOLAR FARM AUCTION/BIDDING MECHANISM Following the second solar feed-in-tariff (“FiT2”) program, the MOIT proposed a draft Prime Minister' s decision on renewable energy development that provides an auction mechanism applicable to gridconnected ground-mounted and floating solar projects with greater competition. Under the proposal, solar projects not eligible for investment policy approval will be subject to an open bidding procedure using the "one-stage two-envelop" method.

Accordingly, participating investors will need to submit their bid dossiers, including two envelops technical proposals and financial proposals at once, proposing a minimum percentage of reduction of power sale/purchase price compared with the MOIT' s approved ceiling price, from which the investors meeting the technical requirements and proposing the greatest price reduction percentage may be prioritized to be selected. However, the Draft Decision remains to be developed as to whether there would be a more open room for negotiations for improvements for better risk allocation of the PPA terms to address some of the key issues on curtailment, termination payments, change-in-law risks, dispute resolution mechanism, etc.

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The MOIT has recently been updating the draft circular regulating the pilot program for the direct power purchase agreement (DPPA) mechanism under virtual/synthetic structure between renewable power generation companies (GENCOs) and private power consumers. Notably, the MOIT proposes that participating solar power GENCOs are focused on those with solar power plants approved for inclusion in the power development plan, each having an installed capacity of greater than 30 MW (AC capacity) (equivalent to 37.5 MWp (DC capacity)).

Participating power consumers are focused on those who purchase electricity at a voltage level of 22 kV or more for industrial manufacturing purposes. Under this virtual corporate PPA structure, GENCOs and power consumers are proposed to enter into a contract-for-differences (CfD) to agree on a strike contract price, among other commercial terms, to manage some of the risks of spot market price fluctuations.

Notably, since the scope of the DPPA pilot program is applied nationwide with a limited total capacity of all selected power projects ranging up to 1,000 MW in the initial pilot program, the participants' selection will be on a first-come-first-served basis if there is an excess of capacity from submitted applications. Given the tight timeline for bid submission once the proposed circular is officially signed, solar developers and power consumers should keep track of the MOIT' s updated progress and take the necessary steps to best position themselves to catch investment opportunities.

While certain modifications to the PPA are required to reflect the DPPA mechanism transactions, an issue remaining unresolved is that the previous draft circular suggests that the PPA between GENCOs and EVN will follow the model PPA applicable to gridconnected solar projects. Accordingly, the PPA may remain to have certain risk allocation issues and challenges that will need to be mitigated through further negotiations with EVN. The uncertainty of seller protection mechanism in cases of curtailment, change in law and the ambiguity of compensation payments upon early termination are among the key concerns. Therefore, under such a new mechanism, investors should be prepared to take the initiative to negotiate with EVN and counterparties to supplement more meaningful provisions to mitigate those risks as the draft circular creates a broader room for negotiations.

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ROOFTOP SOLAR AND PRIVATE PPA The previous FiT2 mechanism has attracted various rooftop solar (RTS) systems having come into operations that are available for brownfield investments, some of which are at a portfolio level.

While due to the pending new mechanism, EVN has postponed new agreements on grid connection and the sale of excess power output for new RTS systems from 1 January 2021, under on-site corporate PPA arrangement, private developers are still able to sell power generated from RTS systems directly to corporate consumers based on Article 8.3 of the Prime Minister Decision No. 13. Also, developers and corporate consumers may negotiate power prices and more flexible PPA terms with better risk allocations, with the PPA terms subject to the relevant laws of Vietnam.

Recently, it was reported that the MOIT is in the process of making an updated section on RTS into the upcoming Draft Decision on a new mechanism for renewable energy. Accordingly, while there was an indication of no new FiT fixed for 20 years like the previous FiT1 or FiT2 programs, the draft decision suggests a focus more on self-consumption models by setting out a required on-site self-consumption rate for RTS projects, which is tentatively about 70-

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PARTICIPATING POWER CONSUMERS ARE FOCUSED ON THOSE WHO PURCHASE ELECTRICITY AT A VOLTAGE LEVEL OF 22 KV OR MORE FOR INDUSTRIAL MANUFACTURING PURPOSES." 90%, and the remaining power output (about 10-30%) may be exported to EVN' s grid for sale to EVN. This change aims to reduce the pressure on the grid capacity in a short term, to reflect the government' s policy of promoting self-consumption models.

Interestingly, a piece of positive news is that the capacity threshold of RTS projects will tentatively be proposed not to be limited to 1MW (like under the current regulations) but will increase to 7-8 MWp. This indicates the continued policy of promoting onsite solar projects under the behind-the-meter corporate PPAs structure.

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PRODUCT FEATURE

As a global leading provider for photovoltaic (PV) module and smart energy solutions, Trina Solar delivers PV products, applications and services to promote global sustainable development.

F e a t u r e d P r o d u c t : V e r t e x S S e r i e s o f m o d u le s U ni v e r s a l s o l u t i o n f o r r e s i d e n t i a l a n d c o m m e r c i a l a p p l i c a t i o n s , t h e Vertex S boasts ultra-high performance despite its small size profile.

Featured Product: Vertex S Series of modules U ni v e r s a l s o l u t i o n f o r r e s i d e n t i a l a n d commercial applications, the Vertex S boasts ultra-high performance despite its small size profile.

Technology Specifications As the installed capacity for distributed photovoltaic systems continues growing, there is an urgent need for photovoltaic module products that are able to support this trend. Trina Solar's 405W+ Vertex S meets the module r e q u i r e m e n t s o f t y pi c a l distributed photovoltaic systems and excels in key areas such as power (efficiency), size, weight, appearance, ease of installation, load, reliability and safety.

The product series is designed for compatibility with existing mainstream mounting systems, optimizers and inverters for residential and commercial applications.

The product has a dimension of 1754mm x 1096mm and weighs 21kg. Electrical parameters are kept within the operating limits of standard inverters.

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The cutting-edge Vertex technology platform combines 210mm wafers, multi-busbar design, nondestructive cutting and high density packing. By introducing this platform to the new Vertex S family, Trina Solar is able to boost Vertex S's output power to more than 405Wp, a power increase of up to 60Wp or 17% compared with the previous product generations. Module efficiency has also increased by 1% to more than 21%.

Vertex S customers benefit from improved reliability, with an upgraded product warranty of 15 years. At the same time, Trina Solar also ensures that Vertex S is a greener product by improving the production process and focusing on sustainable waste management within factories and manufacturing equipment. Due to its smaller dimensions relative to similar modules, Vertex S maximizes the number of modules that can be shipped per container, reducing carbon emissions caused by transportation.

Furthermore, the new module series comes in completely recyclable wood and carton packaging.

Targeted/ Benefitted Customer Segment Vertex S series of high-efficiency PV modules are designed for residential and commercial rooftop applications. It is a universal solution intended for distributed photovoltaic power plants, available in a range of customizable options, and caters to the needs of both residential and commercial customers.

The Vertex S product family comes in three versions: the DE09, DE09.05 and DE09.08. Each of these modules has been designed to feature an easy-tohandle format and lightweight for ease of rooftop mounting.

(Vertex S DE09.05)

Technology Advancements Maximum power output 410W+, maximum efficiency 21.3%+ 1.75m module size, up to 60W+ power higher Power generation increase 10~23% Better performance against wind, excellent system adaption L o w e r a t t e n u a ti on , l o n g e r w a r r a n t y , a n d higher revenue from power generation Full black aesthetics with the ultimate appearance

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COMPANY FEATURE

Founded in 1997, Trina Solar is the world leading PV and smart energy total solutions provider. The company engages in PV products R&D, manufacture and sales; PV projects development, EPC, O&M, smart micro-grid and multi-energy complementary systems development and sales, as well as energy cloud-platform operation. In 2018, Trina Solar launched its Energy IoT brand, established the Trina Energy IoT Industrial Development Alliance together with leading enterprises and research institutes in China and around the world, and founded the New Energy IoT Industrial Innovation Center. With these actions, Trina Solar is committed to working with its partners to build the energy IoT ecosystem and develop an innovation platform to explore New Energy IoT, as it strives to be a leader in global intelligent energy. In June 2020, Trina Solar was listed on the STAR Market of the Shanghai Stock Exchange. For more information, please visit WWW.TRINASOLAR.COM.

VISION: L e a di n g global energy transformation with standardized and high-value PV smart energy solutions

MISSION: S ol a r e n e r g y f o r a l l

BUSINESS GOALS & OBJECTIVES: T h r o u g h c o n s t a n t i n n o v a t i o n , T r i n a S ol a r c o n t i n u e s t o push the PV industry forward by creating greater grid parity of PV power and popularizing renewable energy.

The company’s mission is to boost global renewable energy development around the world for the benefit of all of humanity.

BUSINESS STRATEGY: A s o f D e c . 2 0 2 0 , T r i n a S ol a r h a s d e l i v e r e d m o r e t h a n 7 0 GW of solar modules worldwide, ranked “Top 500 private enterprises in China”. Trina Solar has always adhered to the six strategies of Innovation, Branding, Globalization, Platformization, Intellectualization and Industry-Finance Synergy, leading development in terms of innovation level, economic benefits, product quality and environmental safety. With its outstanding technological innovation capability and leading globalization level, it has accumulated excellent brand reputation and public praise and won numerous domestic and international awards.

TRINA SOLAR’S FACTORY IN CHANGZHOU, CHINA

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COMPANY’S PRODUCTS & SERVICES As a global leading provider for PV modules and smart energy solutions, Trina Solar delivers PV products, applications and services to promote global sustainable development.

BUSINESS COMPETITIVENESS In 2014, Trina Solar realized the milestone of shipping over 1GW in one quarter. The company also broke the solar cell efficiency world record 7 times that year. To date, Trina Solar’s State Key Laboratory of PV Science and Technology has broken 21 world records on solar cell efficiency and module power.

Trina Solar leads the industry in research and development with over 1300 solar PV patents filed to date. The unmatched level of innovation and technological capabilities of Trina Solar has allowed the company to become a global leader by setting industry benchmarks for both quality and efficiency.

QUALITY POLICY OF THE COMPANY P h o t o vo l t a i c p r o j e c t s r e l y o n h i g h q u a l i t y p r o d u c t s that stand the test of time for inputs ranging from engineering design to financing and more. Trina Solar’s products have always maintained high reliability and solid performance based on its commitment to the quality-first policy. In the company’s upstream business model, Trina Solar tightly controls quality over every step of the manufacturing process, from silicon crystallization to module deployment in the field. The company guarantees the quality of its products with an industry-leading 25-year lifetime warranty. In its downstream business model, Trina Solar follows strict compliance with national regulations and industry standards, including Chinese National Standards GB 50797 "Photovoltaic Power Station Design Specifications,” GB 50794 "Photovoltaic Power Plant Construction Specifications,” GBT 50866 “Design Code for Photovoltaic Power Station Connection to Power System and GBT 19939 "photovoltaic system Grid technology requirements,” among others. With an innovative solar design team, rigorous procurement procedures and experienced construction and operation team, Trina Solar has more than 15 years’ worth of hands-on expertise in PV project development.

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SERVICE PLEDGE: Trina Solar ensures the highest quality standards for its PV products across the entire supply chain. This mitigates risks and increases return on investment.

Because of the company’s dedication to delivering high-quality PV products, Bloomberg New Energy F i n a n c e ( B N E F ) n a m e d T r i n a S ol a r a s a t o p b a n k a b l e module supplier, five times in a row since 2016. Trina Solar is the only module manufacturer to be rated as fully bankable for five consecutive years by 100% of the experts participating in the BNEF survey.

As part of Trina Solar’s commitment to quality and reliability in its own products and across the solar industry, Trina Solar has partnered with third-party testing groups, including TUV Rheinland Group, China General Certification Center, China Quality Certification Center and UL. In 2012, Trina Solar became the first solar PV company to obtain UL's Client Test Data Program certification after undergoing a rigorous inspection and audit process.

In 2017, Trina Solar received the first CQC's witnessed Manufacturer's Testing certification in the Solar Industry.

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OWNERSHIP STRUCTURE A s a s o l a r p i o n e e r , T r i n a S ol a r h e l p e d c h a n g e t h i s solar industry, rapidly growing from one of the first PV enterprises in China to become a world leader in solar technology and manufacture. Trina Solar reached a milestone in 2020 when it was listed on the Shanghai Stock Exchange.

Mr. Jifan Gao, Chairman and General Manager of Trina Solar, founded the company in 1997. At Trina Solar, the team is tackling the world’s energy challenges. The global community at Trina works passionately to bring smarter solar energy solutions to the world, ranging from modules to balance systems to full power plants for its partners.

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T r i n a S o l a r h a s r e g i o n a l h e a d q u a r t e r s i n S w i t z e rl a n d , United States, Japan, Singapore and the United Arab Emirates. It has also set up offices and branches in Germany, Spain, Italy, Mexico, Brazil, South Africa, Australia, South Korea, India etc. It has also set up production and manufacturing bases in Thailand and Vietnam, with operations in more than 100 countries and regions. The company is committed to working with installers, distributors, utilities and project developers worldwide to build a sustainable solar energy industry, constantly leading the industry in technological innovation, product quality, environmental protection and corporate social responsibility, bringing clean and reliable solar clean energy to households and to commercial and large public facilities.

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COMPANY FEATURE

SOLIS REACHES NO.1 POSITION IN INDIA WITH HIGHEST COMMISSIONED CAPACITY IN 2021 Ginlong Technologies (Solis), a global leader in photovoltaic string inverter manufacturing has been ranked India’s No.1 Inverter Supplier of 2021, according to Bridge to India’s latest released report ‘India Solar Rooftop Map 2021’.

According to the statistics released in the report, Solis has topped the rankings by contributing the highest (19.12%) annual market share capacity installed in the Indian Market from July 2020 to June 2021. This was achieved despite raw material

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sourcing issues, demand pressures, volatile upstream pricing, restricted movement of equipment, supply shortages and many other challenges posed by the COVID-19 pandemic.

Being an original equipment manufacturer of grid-tied inverter brands, Solis focuses on product innovation and the development of new technology which reflects the needs of local markets globally. The Solis brand has been built on the back of a dedicated and single minded focus on quality.

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Today Solis provides inverters to all major customers in India, particularly in the residential sector. The company is developing a solution for industrial applications as well as launching hybrid inverters for use in solar plus storage systems. “Solis will be further expanding its service in the utility segment by supplying its 255kW string inverter to the Indian Market. We are continuing to focus on developing technology to power the world with clean energy”, said Honey Raza, Head of Sales –Solis, India. “ S o l i s w i ll s o o n c r o s s t h e 2 G W m i l e s t o n e i n I n d i a .

The milestone, coming just over 5 years since we entered the market, is notable for not just the steady year on year increase, but the acceptance and brand penetration the firm has managed to secure in India,” he added.

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ABOUT GINLONG TECHNOLOGIES E s t a b l i s h e d i n 2 0 0 5 , G i n l o n g T e c h n ol o g i e s i s o n e o f the most experienced and largest manufacturers of PV string inverters. Presented under the Solis brand, the company’s portfolio uses innovative string inverter technology to deliver first-class reliability that has been validated under the most stringent international certifications. Armed with a global supply chain, world-class R&D and manufacturing capabilities, Ginlong optimizes its Solis inverters for each regional market, servicing and supporting its customers with its team of local experts. For more information on how cost-effective Solis delivers value while maximizing reliability for its customers.

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COMPANY FEATURE

GROWATT IS GOING TO UNVEIL THE MAX POWER C&I STRING INVERTER IN INDIA Growatt flagship C&I inverter MAX 100-125KTL3-X LV is on the way to the Indian market, this new series of products have created many "highest" in the market: the highest power density and the highest power rating of a single unit for C&I inverters, the highest string current up to 16A. Furthermore, with the high efficiency, integrate the online IV curve scanning, PID function, AFCI protection and PLC communication optional, all of these could help customers to achieve the highest returns of solar investment.

Growatt MAX 100/125 KTL3-X LV inverter is designed for large commercial and industrial solar power plants and to maximize investment returns.

According to the Central Electricity Authority (CEA), between FY 2017 to FY 2019, the Commercial and Industrial (C&I) electricity demand rose at a compound annual growth rate (CAGR) of 5-6% whereas the grid tariff rose at 1-2% every year. The C & I segment consumes approximately 49% of the total electricity produced in the country. If we look at the solar adoption by C&I, it contributes 70 – 80% to the total installation of solar rooftop capacity.

Commercial and industrial users consume approximately 49% of the electricity generated in India, but only 3.5% of the power procured by India’s C&I segment is from renewable sources C&I rooftop solar has vast potential and already accounts for 7080% of all the country’s rooftop solar installations.

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Large solar sites always prefer large solar panels, large solar panels always have large Max. Power Current. Growatt MAX 100-125KTL3-X LV inverter has extended the Max. input MPPT current to 32A, Max. MPPT short-circuit current to 40A, which applies 16A Max. panel current and 20A Short-circuit current tolerance, in other words, Growatt MAX 100125KTL3-X LV inverters will work perfectly with the bio-facial 500W+ panels or future larger panels.

Smart I/V diagnose function, the MAX inverter has inbuilt smart I-V curve scanning and diagnosis, By analyzing the I/V curve shape characteristics of the PV array, you can not only tell whether the PV

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modules are working properly but find out the faulty modules as well. The I/V diagnose function is convenient and fast for investors and operators to find out the fault of PV modules, saving their efforts, time and money.

You can also install multiple MAX inverters into one solar plant with a larger capacity, comparing with central inverter MAX can monitor and control the whole system via smaller panel strings, more flexible for the system configurations and O&M. Growatt monitoring platform Online Smart Service can provide accurate smart control via your phone or computer.

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COMPANY FEATURE

Initially specializing in the integration of rooftop and ground-mounted PV systems as early as 2006, Ciel & Terre® then followed the path to innovation. The R&D team developed the patented technology HYDRELIO®, pioneering a floating system for solar plants to be installed on water, on various types of reservoirs. Ciel & Terre® has been distributing its solution along with its engineering and plant design expertise for floating PV plants for commercial, industrial and local government markets since 2011. The company has grown thanks to its innovation potential and through international strategic partnerships, based on trust, transparency and mutual willingness to share best practices, knowledge and experience. Today, 230 floating PV farms all over the world, equivalent to over 575 MWp, utilize Hydrelio® technology and this number is expected to reach more than 1,275 MWp in 2021. Thanks to our unique protean track record, our teams have a thorough understanding of floating PV’s challenges.

Driven by the ambition to continuously promote and accelerate the growth of the floating PV market, and aware of the need for key players to be accompanied through the process of implementing a floating PV plant, a new service is available: Laketricity® division helps you float solar on water thanks to its expertise in project development.

advantage of these existing but unused water surfaces – often close to the most intensive energy users, namely industrial and urban areas – prevents massive infrastructure costs, expensive transport and distribution. Hydrelio® technology is the perfect solution for many types of water bodies, including dams, quarry lakes, irrigation or water-treatment ponds. Additionally, these man-made reservoirs are typically unobstructed from the sun, kept out of sight, and located near energy-intensive consumption sites making these spaces ideal candidates for solar PV systems.

BUSINESS CONCEPT The Hydrelio® product range is designed in accordance with regions’ and markets’ specificities. In Ciel & Terre we invent and adapt our product to match local needs and provide tailormade solutions. Developed in 2010 and largely deployed across 30 countries, Hydrelio® technology is continuously optimized thanks to R&D efforts and manufactured as per a strict quality process. Lab-tested and field-proven worldwide, Hydrelio® is recognized as the ‘standard’ in the floating PV industry and has successfully demonstrated its durability and bankability.

PRODUCT INFORMATION:

STRATEGY Floating solar particularly makes sense in areas where valuable land is scarce and/or expensive, for various reasons: necessity to preserve agricultural and natural lands, areas with a high population density, small or island countries. The suitable ground is costly, and land is rarely available for solar projects near grid infrastructures. Taking

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PROJECT REFERENCES:

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VIETNAM SOLAR WEEK

2021 LEADERSHIP AWARDS

Awards do not only acknowledge success; they recognise many other qualities: ability, struggle, effort and, above all, excellence. It is an acknowledgment of appreciation for your Team's hard work and dedication to achieve the milestone.

SolarQuarter set the stage to honor and award some of the finest achievers in the Vietnam Solar Industry.

Unveiling the proud winners Vietnam Solar Week Leadership Awards 2021:

TOP HONORS FOR THE PIONEERS IN VIETNAM SOLAR INDUSTRY Corporates Share Their Success Stories At Vietnam Solar Week Leadership Awards 2021 Business Excellence Awards:

Solar Company of the Year: Developer (Rising Star) - Constant Energy

Solar Company of the Year: Developer SkyX Solar

The company as solar IPP focuses on the development of solar rooftop assets selling electricity to commercial and industrial offtakers on a long term (minimum 15 years) Power Purchase Agreement in South East Asia, with the main focus on Thailand, Vietnam and Malaysia. Here the company has secured 100 Megawatts peak plus Power Purchase Agreements/ Commercial Proposals and is developing a further 300 MegaWatt peak in the early development stage. In Vietnam, the company started operations recently and have their first project operational.

The company is a world-class solar rooftop power developer focused on the C&I segment.

They invest 100% of the project assets and provide an end-to-end solution to their clients, delivering clean energy for the long term with zero effort from customers while ensuring significant savings. The company has more than 100 MegaWatt rooftop solar projects under operation, development and discussion across Vietnam with Global and Local creditworthy clients.

Solar Company of the Year: Module Jinko Solar

Best Solar Project of the Year: Utility Jinko Solar

The company is a vertically integrated solar company, which provides high quality PV modules and PV industry products, as well as technical service and renewable energy solutions to their global customers.It offers both polycrystalline and monocrystalline photovoltaic modules. Their new PV panels generations have special technology upgrades to improve the Panel’s performance under low irradiance conditions. It’s the most important technical advantage that they bring to their customers to maximize the energy yield, thus, reducing the project's LCOE.

The company is a global leader in the module industry. They have supplied its modules to one of the largest solar projects in Vietnam as well as South East Asia. The project located in Vietnam is a large scale utility project which has a 500 kilovolt transmission line done by a private company and it’s the biggest Bifacial project in SouthEast Asia using the company’s Tiger series modules. Tiger bifacial modules with transparent backsheet technology are able to generate higher power compared with conventional modules and reduce the levelized cost of electricity.

Solar Company of the Year: Module (Rising Star) - Pixon Energy Ltd.

Solar Finance Awards:

The company is a manufacturing initiative envisioned by the promoters of Marwadi Group to foray in clean and environment-friendly solar energy headquartered at Rajkot, Gujarat.

The solar module manufacturing company with its world-class fully automated 400 MW production capacity, is a startup and aspires to set its footprints across South East Asia.

The company currently stands at 29.55 GW. They offer a strategic and unique proposition to spearhead growth in the upcoming new energy avenues and establish their footprints in the Vietnamese solar industry.

Best Finance Company of the Year Constant Energy

Solar Project Excellence Awards: Best Solar Project of the Year: Rooftop SkyX Solar The company is a world-class solar rooftop power developer. They have developed a 9 MegaWatt peak project in Dung Nai for client JSC Co. ltd. The project was commissioned in December 2020. Using the PV modules of JA Solar and inverters of Huawei. The company has many more projects in the pipeline globally.

The company has closed a non-recourse project finance transaction for its first solar rooftop project for commercial and industrial (C&I) clients in Vietnam. The company’s finance team provides excellence in corporate and project finance. It has set up a team of professionals in Vietnam with support from the headquarter team in Thailand and highly reputable financial accounting firm Mazars.

The company has also secured non-recourse project finance in its Singapore holding which could be expanded into Vietnam project finance.

Team Excellence Awards: Best Engineering Team of the Year SkyX Solar Driven to be a VALUE ENGINEERING, SkyX in-house engineering has always been a core team that ensures the project would be installed at the highest quality while serving the clients for more than 30 years. With 30+ years of an experienced team in the power and renewable energy sectors, the team always pushes for innovative solutions making us highly adaptive in these fast-paced markets. The eminent team members are: Nam Do – Head of Technical Cong Tran – Engineering Manager Thanh Le & Khanh Tran – Project Managers Duc Truong – O&M Manager

Individual Leadership Awards: CEO of the Year - Mr. Luu Minh Tien, Founder & CEO, Solar Electric Vietnam Under the leadership of Mr. Tien, the company has been gaining a position as a market leader in C&I solar market segment. As an expert, he is always willing to help customers and partners to answer all the questions might have related to the field.Coming with many years of experience in the field of Solar PV in Vietnam and successful with several roles such as an outstanding electrical engineer and an enthusiasm technical team leader, especially with a role as Chairman and CEO he has demonstrated his excellent leadership skills, leading the company from zero to the top EPC in the market within just 3 years.

Business Leader of the Year - Mr. Supa Waisayarat,Country Director, The Super Energy Corporation Public Co. Ltd. Mr. Waisayarat is a visionary leader who is farsighted and inspired by what a company can become. He completely focuses on developing others and encouraging strategic thinking, innovation and timely actions.He comes with a sense of responsibility and dependability. Under the management of Mr. Supa the company’s revenue in Vietnam is more than double even under Covid pandemic situation.

Rising Star of the Year - Ms. Hien Nguyen, Business Development Manager, Hexagon Peak Ms. Nguyen has evaluated over 100 MW of projects in Vietnam for the company. She has been working in the business development activities of the company in the booming C&I sector of Vietnam. Thanks to such hardworking stars like her, the company has been able to strive and complete their projects in a very short timeframe.She being in the core of the team, has assessed over 100 MW of deals, worth over US 60 million.She has managed to improve the processes and discover project risks and potential complications in executing those projects.

Entrepreneur of the Year - Mr. Samresh Kumar, CEO, SkyX Solar Mr. Kumar has been instrumental in building a world class team across sales, investment, engineering, project management and legal, in a talent crunch solar sector in Vietnam.Starting from zero MW and Zero clients he has built a marquee list of clients and signed, developed and completed construction of more than 25 MW of rooftop solar projects across Vietnam.Under his leadership, the company has invested more than USD 20 million in new rooftop solar projects last year and signed an acquisition of another USD 20 million.He has partnered with companies from across the world and across multiple sectors. He has been an eminent speaker at various leading industry conferences and events.

To know more about our awards visit us at: https://solarquarter.com/studio/

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SOLAR WEEK 2021 CONFERENCE & AWARDS

02-03 DECEMBER 2021

CONFERENCE & AWARDS

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