Clime Capital, a Singapore-based investment management company that manages funds from SEACEF, announced that it has invested in an innovative floating solar and storage project in Dong Nai Province, Vietnam, currently under development by Blueleaf Energy.
Southeast Asia Clean Energy Facility (SEACEF) is a collaboration between leading international foundations, including Microsoft, that seeks to accelerate the low carbon transition in Southeast Asia. The goal of SEACEF is to catalyze the move away from traditional fossil and thermal energy projects.
The floating solar and storage peaking plant has a target capacity of 500MWp floating PV with battery energy storage system (BESS) up to 200MWh capacity.
The project is designed to have the capability to provide load-following and peaking power that would traditionally be provided by 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 ktC02 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.”
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.