EVM, Solarvest and PECC2 Forge Strategic Partnership to Accelerate Renewable Energy Adoption in Vietnam through the new Direct Power Purchase Agreement Mechanism (DPPA) via National Grid
HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 24 January 2025 - A Memorandum of Understanding (MoU) was signed today between, Saigon Jim Brother's Corporation (EVM), Solarvest (Vietnam) Company Limited ('Solarvest'), and Power Engineering Consulting Joint Stock Company 2 (PECC2), marking the start of a strategic partnership aimed at accelerating the adoption of a renewable energy solution in Vietnam. This collaboration focuses on leveraging the Direct Power Purchase Agreement (DPPA) Mechanism via National Grid to supply a large amount of green electricity by Solarvest and PECC2 to EVM's operations in Vietnam, playing a part in facilitating sustainable energy projects and drive Vietnam's clean energy transition.
After years of research, the Vietnamese Government issued Decree 80/2024/ND-CP on July 3, 2024, regulating the mechanism for direct power purchase agreement (DPPA) between renewable energy generators and large electricity consumers. Among the two types of DPPA outlined in this Decree, the DPPA through the national grid, also known as the virtual DPPA, is the option selected by the parties under this MOU. This mechanism allows EVM, who has substantial renewable energy needs, to access a utility-scale renewable energy generating source, a solar farm project, with electricity purchases made through the national grid. EVM, Solarvest and PECC2 recognize that this DPPA Mechanism presents a unique opportunity to overcome barriers to renewable energy adoption, including accessible, regulatory, financial, and technical challenges. By uniting their expertise, the parties aim to streamline the adoption of renewable energy solutions and accelerate participation in the DPPA Mechanism for solar energy projects.
Speaking at the event, Global Vice President – Sales, Assets & Marketing of Solarvest, Mr. Jack Tan Qi Jie, emphasized the importance of partnerships in achieving sustainability: 'This partnership between EVM, Solarvest and PECC2 is more than a collaboration—it's a strategic alignment of expertise and shared values. Together, we are addressing one of the most critical challenges businesses face today: the transition to renewable energy in a way that is both economically viable and operationally efficient. Solarvest brings years of experience in clean energy development, with over 1,300MW of renewable energy projects across Asia-Pacific. By combining our proven financial models with the technical expertise of PECC2 and the innovative drive of EVM, we are creating tailored solutions that enable businesses to achieve their sustainability goals without compromising profitability. We see that The DPPA via National Grid marks an important milestone in Vietnam's energy transition and it is expected to transform Vietnam's energy market, policies, and power system operations toward achieving NET ZERO and excited to be a part of this progress as a pioneer.'
Mr. Emil Lin, CSR Senior Manager of Saigon Jim Brother's Corporation (EVM), commented: 'As a footwear manufacturing company in Vietnam for a top international brand, sustainability is at the core of our operations. This cooperation with Solarvest and PECC2 marks a pivotal step in our journey toward achieving our turning green targets. By integrating renewable energy into our production processes, we are not only reducing our carbon footprint but also aligning with EP Group's global sustainability goals. This collaboration demonstrates our commitment to innovation and environmental stewardship as we continue to lead by example in the manufacturing industry.'
Representing PECC2, Mr. Nguyen Hai Phu, Chief Operating Officer of PECC2 said: 'This collaboration with Solarvest and EVM represents a significant step forward, allowing PECC2 to provide large-scale green electricity to EVM's operations in Vietnam. This partnership signifies more than a legal agreement; it demonstrates a shared vision to overcome challenges in renewable energy adoption. By combining our expertise, we aim to address accessibility, regulatory, financial, and technical hurdles, thereby streamlining the implementation of renewable energy solutions and enhancing participation in the DPPA Mechanism for renewable energy projects.'
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About Solarvest (Vietnam) Company Limited
Solarvest (Vietnam) Company Limited is the subsidiary of Solarvest Holdings Berhad, Malaysia's largest clean energy developer with multi-national presence across Asia-Pacific in 8 countries. The company is a one-stop solar photovoltaic system solution provider for residential, commercial & industrial, and utility-scale solar farms. Today, Solarvest has accumulated over 1,300MW renewable energy portfolio.
Solarvest
Posted by : Media Outreach, Jenny Posted on : Friday, January 24, 2025 11:00:00 AM UAE local time (GMT+4)
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