Vasari Energy, an Irvine, CA-based clean energy company, is poised to enter Vietnam’s solar energy market, with plans to build and operate four new projects over the next two years. According to Zhen Han, Executive Vice President, Financing and Strategy, Vasari’s plans in Vietnam call for the construction of two land-based and two floating solar plants, each generating between 40 and 50 megawatts of power, for a total solar energy generation capacity of between 180 and 200 megawatts of power.
The Vasari announcement comes after Vietnam confirmed the implementation a long-anticipated feed-in-tariff (FiT) program, which guarantees that electricity generated through these operations will be purchased by the Vietnam Electricity Corporation (EVN). The EVN is the sole utility operator in Vietnam, purchasing and distributing all energy generated throughout the country. Introduced in April 2017, FiTs will be in effect through June, 2019.
Vasari Energy is working with local development partners and will finance the projects with its own equity, and may include debt financing backed by a U.S. government agency. The projects are currently in the early stages of development. Ultimately, the projects will require federal approval. Once the initial project approvals are granted, the power purchase agreements issued by Vietnam’s Ministry of Industry and Trade will be valid for 20 years.
The project is being directed by Mr. Han, who has twenty years of financing, investment and M&A experience in the energy industry. Prior to his work with Vasari Energy, he advised over $4 billion of transactions in the U.S. and overseas, and reached financial close in 2017 for a $120 million loan to the first utility-scale wind farm in Indonesia.
About Vasari Energy
Vasari Energy was established to develop, engineer, build and operate utility-scale electric power plants that produce reliable and clean energy. The company will play an active role as a long-term owner, in all phases of renewable energy generation, from planning and development through construction and commercial operation. The company is led by an experienced management team that has broad experience in solar project development, transmission line development, permitting requirements, construction processes, and ongoing operations.