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Singaporean fund invests $10mn in Vietnamese energy firm

Singaporean fund invests $10mn in Vietnamese energy firm

Thursday, July 11, 2024, 11:00 GMT+7
Singaporean fund invests $10mn in Vietnamese energy firm
A solar power project that Nami Distributed Energy developed at Viet Thang Corporation in Ho Chi Minh City.

The Southeast Asia Clean Energy Facility II (SEACEF II) has invested US$10 million in Nami Distributed Energy, which is headquartered in Ho Chi Minh City and Hanoi, to promote innovative distributed energy solutions.

Singapore’s fund manager Clime Capital, the manager of SEACEF II, announced the investment in Nami Distributed Energy on Tuesday.

The investment aims to support Nami’s accelerated growth and create positive impacts on Vietnam businesses. 

The move was made after the Vietnamese government issued Decree 80 on direct power purchase agreements, opening up significant opportunities for enterprises to access cost-effective renewable energy through both direct line and grid-connected distributed electricity.

With the new investment, Nami is well positioned to leverage its strong foundation of human resources, expertise, and a project portfolio to deliver effective rooftop solar and on-site energy solutions to commercial and industrial customers nationwide.

Luu Hoang Ha, chairman of Nami, said this investment, along with Nami’s extensive and rapidly growing project pipeline, positions it perfectly for the next funding round and expansion. 

“We stand ready to collaborate with Clime Capital and other stakeholders to create even more positive impacts for our customers and the environment,” Ha added.

“This significant funding provides a double benefit of growing competitive renewable energy facilities while boosting Vietnam’s progress toward its 2050 decarbonization target,” according to Mason Wallick, CEO of Clime Capital.

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Thanh Ha - Ngoc Hien / Tuoi Tre News

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