responsAbility to pour 20 million USD into Vietnam to develop renewable energy
|A solar power project deployed and installed by CME Solar Company at Hong Hai Foxconn - Bac Giang.|
This is the second facility the responsAbility invested into CME Solar which positioning it as the largest investment into non-financial institution in Vietnam up until 2023, raising investment by responsAbility in CME Solar up to 32 million USD.
Positive outcomes stemming from an initial investment two years ago have underscored a broad spectrum of commitments, spanning from exceptionally technical prowess to unwavering dedication to meet standards of Environmental and Social (E&S). This robust groundwork has paved the way for responsAbility to reinvest with confidence.
After the successful initial funding phase provided by responsAbility in 2021, CME Solar has achieved a remarkable triumph in upholding its commitments to investors. The pinnacle accomplishment of this solar power system is epitomized by a notable Foxconn Solar Project (31.5 MWp) in Bac Giang - Bac Ninh, Vietnam, which received full funding from responsAbility.
This project stands as a flagship endeavor, characterized by the implementation of top-tier technical practices, including the utilization of N-type PV technology across the entire project. With robust financing and procurement strategies, as well as a steadfast focus on Health, Safety, and Environment (HSE), the project was executed flawlessly in a mere three months and achieved - No Environmental Incidents. Such accomplishment of the Foxconn project, along with numerous other projects throughout Vietnam, serves as a testament to the trust and contentment that responsAbility holds for CME Solar.
This funding injection empowers CME Solar to embark on a diverse array of projects, with a focal purpose of enhancing commercial and industrial (C&I) solar initiatives across a wide spectrum of sectors in Vietnam. These sectors include manufacturing, electronics, food, beverages, and textiles.
Speaking of expansion, CME Solar does not set limitations on geographical borders, hence eyeing to bolster its coverage across Southeast Asia. This expansion is guided by a well-defined roadmap and robustly strategic plans that consistently exceed investors’ expectations.
Chung Dieu Tuan, CEO of CME Solar Investments, is entirely confident about the market outlook, emphasizing a rising need for rooftop solar installations in Vietnam's FDI manufacturing domains, especially in electronics/semiconductors, garment, and textile, and global MNC consumer sectors.
With government support, Tuan firmly believes in the significant growth potential of rooftop solar -energy development in Vietnam in the upcoming decade. He also acknowledges the dedication of in-house teams in meeting all standards requested by responsAbility, and positively foresees CME Solar to deliver beyond planned targets for this year.
The second facility allow CME Solar to launch into markets with an impressive capacity of 50 MWp. The sizable capacity not only contributes to a reduction of 51,200 tons of CO2 annually but also allows end-users to claim around 70,000 Renewable Energy Certificates (REC). This alignment with the UN's Net Zero targets underscores the commitment to a more sustainable and eco-friendly future.
responsAbility representative stated, "Our investment in CME Solar is a clear testament to our commitment to sustainable energy. Building on the success of the first phase, we believe that strong partnerships can reduce barriers to green financing. We are highly optimistic about Vietnam's solar sector, especially among C&I off-takers who are increasingly focused on minimizing operational costs".