Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets, announced that it has been appointed to support the expansion phases of an operating wind farm in Vietnam. MEM's scope of work will begin by performing an energy yield analysis (EYA).
Currently wind farm phases 1 and 2 are in commercial operation, while MEM's new scope of work is focused on analysing energy yield for the expansion phases. The EYA will evaluate historic wind data and micro siting of wind turbines to optimize production and establish an average annual energy yield.
"MEM has a long history with this particular wind project," stated Aaron Daniels, Managing Director of Modern Energy Management. "We have provided advisory support on this project from development through construction and operations. We are very pleased to continue our role in supporting the expansion of this project."
The project is just one of a number of projects MEM has advised for their confidential client in the Vietnam market, with this project expected to reach financial close within 2022.
"We are watching government communications regarding the Feed-In-Tariff (FIT) status in Vietnam," continued Mr. Daniels. "While the current FIT is scheduled to sunset in November 2021, there are ongoing discussions about new schemes in Vietnam to help support new wind projects. Given current lack of regulatory clarity, the expansion of this project signals a real commitment by investors to the continued development of renewable energy in Vietnam.
With power demands expected to double between 2020 and 2030, Vietnam recently raised its 2030 wind renewable energy target from 6GW to 11GW. By the end of 2020, wind power installed capacity was only 670MW.
MEM currently supports investors in over 1.5GW of onshore and intertidal wind projects in Vietnam.
About Modern Energy Management
Modern Energy Management (MEM) is a renewable energy development services provider, delivering project lifecycle certainty to renewable energy investors with focus in rapidly expanding emerging markets. Our expertise is in creating "investment grade" projects through technical and commercial de- risking coupled with financial optimization.
Our team enables project investors to successfully develop, construct and deliver complex, profitable projects in remote, rapidly expanding emerging markets, while ensuring maximum profitability.
MEM established its corporate offices in Thailand in 2013, and has since expanded to Singapore, Vietnam and Philippines to accommodate its growing regional pipeline. MEM is now the market leader for development and wind project advisory services in SE Asia.
For more information, please visit: http://modernenergy.management
