First Constant Energy Project in Vietnam Completes Construction, Closes Project Financing and Starts Operation

On December 29th, 2020, Constant Energy’s first Corporate PPA with Leading Star Garment Joint Stock company in Binh Dương, Vietnam was energized with a total installed capacity of 1 MWp and closed a non-recourse project finance of VND 8.9 billion (approx. THB 11.5 million) with Indovina Bank, a joint venture bank between Vietnam Bank for Industry and Trade (VietinBank) and Cathay United Bank (CUB) of Taiwan.

This project is co-developed with Solar ESCO Joint Stock Company – a member company of SolarBK who is the leading rooftop solar supplier and contractor with a long track record in Vietnam. Constant Energy Vietnam and Solar ESCO Joint Stock Company had entered into an agreement of joint development of corporate PPA projects in Vietnam in May 2020. The e-signing ceremony was held via zoom to celebrate the new partnership on new Solar PV projects in Vietnam with 15 participants in Vietnam, Thailand, and India joined the event.

Franck Constant, founder and CEO of Constant Energy, said: “This is our first non-recourse financing and corporate PPA secured in Vietnam, the first offspring of our partnership with SolarBK, and we wish hopefully many more to come. This is an important milestone toward Constant Energy’s business target to grow and expand in the growing Vietnam market. We are delighted to work with Indovina Bank to finance our plants in Vietnam, while still keeping Constant Energy’s core goals of providing green and reliable power energy and reducing offtaker’s energy costs and greenhouse gas emissions.”

Mr. Tuan, CEO of SolarBK added “As one of the leading EPC & O&M providers in Vietnam, we have definitely in mind the concerns of developers and of roof owners while deploying the solar rooftop system. The first project Leading Star in Binh Dương has proven our promises stating that we shall together with Constant Energy develop and build high-quality projects so that not only Constant Energy and Solar Esco as developers but Leading Star as the offtaker will mutually enjoy the technical & economical benefits of solar system. It is just the beginning of the long-term partnership “

Joint Development Agreement Solar BK / Constant Energy E-signing ceremony (May 2020)
Completion of Leading Star Solar plant- Binh Dương, Vietnam (December 2020)
Completion of Leading Star Solar plant- Binh Dương, Vietnam (December 2020)

About Constant Energy

Constant Energy is a renewable electricity generation and storage provider which invests in, and manages, high-quality power assets in selected countries.  As a solar developer and Independent Power Producer (IPP), we develop, design, finance, build, own and operate utility-scale and large industrial rooftop-based solar PV power plants. Regionally headquartered in Bangkok, Constant Energy operates in Asia with a primary focus in Southeast Asia (Thailand, Vietnam and Malaysia). We produce clean and reliable electricity to our clients for the long term, enabling them to reduce their energy bill, increase profitability and enterprise value while focusing on their core business activities.  In January 2020, Constant Energy raised growth capital from private investment firm Olympus Capital through its Asia Environmental Partners (“AEP”) vehicle.

More information at www.constantenergy.net

 

About Solar ESCO Joint Stock Company

Solar ESCO Joint Stock Company – A member of Bach Khoa Solar Investment & Development Joint Stock Company, is a unit specializing in investment and providing complete solution from consultancy, design, construction – installation, operation, finance, service management of energy systems at the customer’s business and production facility, earning on the energy saving efficiency produced by the system.

Accordingly, Solar ESCO invests in order to meet 2 main demands of customers: solar water heater and solar electricity. For nearly the past 7 years, Solar ESCO has achieved remarkable achievements in cooperation with Vietnam Electricity Group – EVN on implementing many large-scale energy saving projects, bringing efficient realistic savings

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