Petaling Jaya: Saigon Jim Brothers Corporation (EVM), Solarvest (Vietnam) Co., Ltd. Solarvest and Power Engineering Consulting Joint Stock Company 2 (PECC2) today signed a Memorandum of Understanding (MOU) to accelerate the adoption of renewable energy solutions in Vietnam.
The collaboration focuses on leveraging the Direct Power Purchase Agreement mechanism through the national grid (DPPA mechanism) to supply large quantities of green electricity by SolarWest and PECC2 for the operation of EVM in Vietnam, facilitating sustainable energy projects. Plays a role in creating and driving Vietnam’s clean energy transition. ,
After years of research, the Vietnamese government issued a decree on July 3, 2024, regulating the mechanism for DPPAs between renewable energy generators and large electricity consumers.
One of the two types of agreements mentioned in the decree, through National Grid, also known as Virtual DPPA, is the option chosen by the parties under the MoU. This mechanism allows EVMs, which have substantial renewable energy requirements, to access a utility-scale renewable energy generation source, a solar farm project, with power purchases made through the national grid.
EVM, SolarWest and PECC2 believe that the DPPA mechanism presents a unique opportunity to overcome barriers to renewable energy adoption, including access, 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, Jack Tan Qi Jie, Global Vice President of Solarvest Sales, Assets and Marketing, said: “This partnership between EVM, Solarvest and PECC2 is more than a collaboration, it is a strategic alignment of expertise and shared values. Together, we are addressing one of the most critical challenges facing businesses today: a transition to renewable energy that is both economically viable and operationally efficient. With more than 1,300 MW of renewable energy projects in Asia-Pacific, Solarvest brings years of experience in clean energy development.
He said that by combining their proven financial model with PECC2’s technical expertise and EVM’s innovative drive, they are creating tailored solutions that enable businesses to achieve their sustainability goals without compromising profitability.
“We see the DPPA through National Grid as an important milestone in Vietnam’s energy transformation and are expected to transform Vietnam’s energy market, policies and power system operations towards achieving net zero and become a leading I’m excited to be a part of this progress.” ” He said.
Emil Lin, senior manager of EVM CSR, said: “As a footwear manufacturing company for a top international brand in Vietnam, sustainability is at the core of our operations. This collaboration with SolarWest and PECC2 is an important step in our journey towards achieving our green goals. 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 reflects our commitment to innovation and environmental stewardship as we continue to lead by example in the manufacturing industry.”
Representing PECC2, Chief Operating Officer Nguyen Hai Phu said the collaboration with SolarWest and EVM is an important step forward, allowing PECC2 to provide green electricity at scale to EVM’s operations in Vietnam.
He said this partnership represents more than a legal agreement; It demonstrates a shared approach to overcoming challenges in renewable energy adoption.
“By combining our expertise, we aim to remove access, regulatory, financial and technical barriers, thereby streamlining the implementation of renewable energy solutions and enhancing participation in the DPPA mechanism for renewable energy projects,” he said.
