Clime Capital, the Singapore-based investment management company focused on accelerating the low carbon transition in Southeast Asia, announced that has invested at the development phase of an innovative floating solar and storage project in Dong Nai Province, Vietnam, under development by Blueleaf Energy.
The development comprises a floating solar and storage peaking plant with a target capacity of 500 MWp floating PV with battery energy storage system (BESS) up to 200MWh capacity.
SEACEF’s investment aims to demonstrate that there is an alternative to locking in thermal capacity in Vietnam through a cost-competitive and environmentally sustainable solutions.
The project is designed to have the capability to provide mid merit and peaking power that would traditionally be provided by unsustainable or fossil-fuel sources. Through the introduction of energy storage, the project allows the country’s dominant power utility EVN to accommodate increased renewable energy capacity while also reducing stress on its power grid system. The project is expected to avoid an average of ~372kt CO2 emissions per year over a 25-year lifetime and a maximum of 412 ktCO2 if the battery uses solar generation to displace peaking diesel generation.
Sol Proops, CEO at Blueleaf Energy, said, “SEACEF’s early-stage investment into the Dong Nai project has been crucial in our ability to continue to progress development of this large and important infrastructure project that should serve as a template for other floating solar and storage opportunities in South East Asia.”
Mason Wallick, CEO of Clime Capital, said, “Vietnam’s Power Development Plan for 2021 to 2030 may include significant thermal power capacities to address an impending power shortage as economic growth drives electrical demand. We believe advanced technologies like solar and storage peaking plants can help address Vietnam’s power shortage issues in a cost-effective sustainable manner.”
“Though the introduction of energy storage coupled with large scale solar, the project aims to demonstrate how power grids can accommodate increased penetration of clean renewable energy. This project represents how SEACEF is fulling its mandate to accelerate the low carbon transition in Southeast Asia,” said Joshua Kramer, Chief Investment Officer, Clime Capital.
With an initial focus on Indonesia, Vietnam, and the Philippines and managed by Singapore-based Clime Capital, the South East Asia Clean Energy Facility (SEACEF) is backed by leading international climate foundations and investors.