Hexagon Peak, the project development arm of Hexagon Holdings Singapore, announced today, the company is approaching the financial closure of its pipeline of C&I solar projects in Vietnam. Days after the second round of the Feed-in-Tariff (FiT) was published by the government, the company commences works on implementing its signed agreements in both segments – rooftop lease and direct power purchase agreements (PPA), which is the Phase I of the 200 MW rooftop strategy of the company for the next 3 years.
“We have secured a pipeline of about 100 MW in the last few months with credible Vietnamese and international corporate off-takers and rooftop owners in multiple industries, and with the new regulation in place, we finally have the green light to proceed with those projects”, commented Milan Koev – Chief Executive Officer of Hexagon Peak. “Now we can only hope that the situation with Covid-19 will be resolved soon, so that we can get back to business as usual”, added Mr. Koev.
According to the new regulation, which comes 10 months after the first round of the subsidies expired, the FiT for rooftop solar is 8.38 US cents per kWh, applicable for projects connected to the grid before 1stof January 2021.
‘’Our brilliant network of EPC partners has enabled our access to the rooftop market and has proven to be a win-win strategy’’, added Mr. Dat Le – Managing Director of Hexagon Peak Vietnam. “We are lucky to have entered the market before it actually existed in scale, so we have teamed up with some of the most established players and have introduced the most optimal green solutions to factories and industrial entities across the country”, added Mr. Le.
Hexagon Peak targets 200 MW of rooftop projects by the end of 2022 and according to the company, the potential of the rooftop segment in Vietnam is enormous. With estimated over 10 GWp worth of industrial rooftop space, the government and EVN are pushing the industry ahead with higher rates for rooftop solar comparing to utility scale ground mount projects.