SEACEF to invest in Vietnam wind power

27/01/2021 09:47:16 - views: 401

Levanta Renewables seeks to open new energy development corridors in Central Highland region

South East Asia Clean Energy Facility (SEACEF) has finalized an investment facility with Levanta Renewables, which has a portfolio of development projects in Vietnam. This was announced on January 19 by Clime Capital, the Singapore-based investment management company focused on accelerating the low-carbon transition in Southeast Asia.
The investment is being made in a portfolio of three early-stage onshore wind power projects, with a combined capacity of around 330MW.
Levanta Renewables’ projects are mostly located in Vietnam’s Central Highland region. Wind power developments in this region promise to open new wind corridors with more modest wind speeds and better transmission access.
“We are excited at this opportunity to provide critical capital at a key stage in the development of these promising projects in Vietnam," comments Mason Wallick, managing director at Clime Capital. "This is what SEACEF is designed to do – our investments catalyze the private sector."
SEACEF is backed by leading international climate foundations and investors, and has an initial focus on Indonesia, Vietnam, and the Philippines. It is managed by Clime Capital.
Electricity consumption in Vietnam is forecast to rise by 8% a year from 2021 through the end of the decade. The potential for wind power is a key element of its plans to double the use of renewable energy to meet rapidly growing electricity demand in the next decade.
"Levanta’s developments in the Central Highlands and coastal regions aim to demonstrate the region’s viability as a wind power corridor, and thanks to this timely investment, we are well-positioned to secure the required development capital funding from a top-tier global strategic investor," says Sudhir Nunes, co-founder and managing director at Levanta Renewables.
The SEACEF investment will help advance the portfolio at a time when the future price of wind power beyond 2021 has not yet been confirmed by the Vietnamese government, which risks causing a slowing down of private sector investment into the sector. The initial funding will support the installation of met masts to analyze and confirm the wind resource, advance critical regulatory permits, and confirm environmental and social viability.
Source: The theasset

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