First Constant Energy Project in Vietnam Completes Construction, Closes Project Financing and Starts Operation

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On December 29th, 2020, Constant Energy’s first Corporate PPA with Leading Star Garment Joint Stock company in Binh Dương, Vietnam was energized with a total installed capacity of 1 MWp and closed a non-recourse project finance of VND 8.9 billion (approx. THB 11.5 million) with Indovina Bank, a joint venture bank between Vietnam Bank for Industry and Trade (VietinBank) and Cathay United Bank (CUB) of Taiwan.

This project is co-developed with Solar ESCO Joint Stock Company – a member company of SolarBK who is the leading rooftop solar supplier and contractor with a long track record in Vietnam. Constant Energy Vietnam and Solar ESCO Joint Stock Company had entered into an agreement of joint development of corporate PPA projects in Vietnam in May 2020. The e-signing ceremony was held via zoom to celebrate the new partnership on new Solar PV projects in Vietnam with 15 participants in Vietnam, Thailand, and India joined the event.

Franck Constant, founder and CEO of Constant Energy, said “This is our first non-recourse financing and corporate PPA secured in Vietnam, the first offspring of our partnership with SolarBK, and we wish hopefully many more to come. This is an important milestone toward Constant Energy’s business target to grow and expand in the growing Vietnam market. We are delighted to work with Indovina Bank to finance our plants in Vietnam, while still keeping Constant Energy’s core goals of providing green and reliable power energy and reducing offtaker’s energy costs and greenhouse gas emissions.”

“As one of the leading EPC & O&M providers in Vietnam, we have definitely in mind the concerns of developers and of roof owners while deploying the solar rooftop system. The first project Leading Star in Binh Dương has proven our promises stating that we shall together with Constant Energy develop and build high-quality projects so that not only Constant Energy and Solar Esco as developers but Leading Star as the offtaker will mutually enjoy the technical & economical benefits of solar system. It is just the beginning of the long-term partnership” said Mr. Tuan, CEO of SolarBK

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