In August 2020, Indefol Solar, a homegrown Vietnamese solar developer, had been appointed as the exclusive developer for the design, construction and long-term operation of a portfolio of 38MWp solar rooftop projects. The off-taker for the portfolio is a prominent Taiwanese footwear manufacturer who has a significant presence in Vietnam. The portfolio of projects are currently undergoing construction and slated to be completed before the end of 2020. With the addition of this portfolio, Indefol Solar and its affiliates will be operating more than 100MWp of solar projects in Vietnam with more than 50% of them being rooftop solar with negligible curtailment.
Prior to securing this portfolio, Indefol Solar was prequalified among twelve other developers consisting of local Vietnamese developers as well as foreign developers from Europe, Asia, US and Australia through a rigorous selection process. As a home-grown energy company, Indefol appreciates the legal and financing challenges in ensuring successful solar rooftop projects in Vietnam. To ensure bankability of the portfolio, Indefol Solar uses high quality components such as ABB (Fimer) inverters, mounting structures from Schletter (Germany) and Tier-1 solar PV modules. The quality assurance work is also supported by RINA, from their regional office in Singapore to benchmark the portfolio with international best practices.
Once operated, the project is expected to offset 1,187 tons of CO2 over the span of 25 years which is equivalent to approximately 152,000 hectares of new trees planted. The off-taker for the project is also one of the key suppliers supporting a US-based athletic apparels manufacturer. Following the recent clarifications on the regulation (ref no: ) regarding the legal environment of business for rooftop solar projects, Indefol Solar is aiming to realize a pipeline of more than 1000MW of renewable energy with like-minded partners by 2021 to continue its contribution in combating rapid climate change while meeting Vietnam continuous demand of energy.
VINH LONG & HAU GIANG, VIETNAM