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PEN-VN Signs Vietnam's First Power Purchase Agreement
Pacific Energy Network (PEN) is the first independent U.S. company to pioneer solar energy into Vietnam.
PEN-VN, a special purpose company of PEN, has successfully secured the first Power Purchase Agreement (PPA) with Electricity of Vietnam (EVN), the largest state-owned power company, which has installed electricity generation capacity of 23,579 MW and a transmission network of 21,883 kilometers.
In October 2017, Mr. Minh Vu, President of PEN-VN, Ms. Dinh Thanh Van, Vice President of PEN-VN, and Mr. Son Nguyen, Director of EVN, attended the signing ceremony to execute the PPA for the Binh Hoa 13.2-MW Solar Farm, the very first large-scale grid-tied solar project in Vietnam.
By signing the PPA, PEN-VN has become the only Independent Power Producer (IPP) so far who will build, own, and operate Vietnam's solar farm. This ceremony marks a momentous event as Binh Hoa 13.2-MW Solar Farm is the first industrial size project to support Vietnam's renewable energy initiative to promote clean, sustainable energy.
It is not surprising to us that PEN, who has co-developed Bangladesh's first 1320-MW Ultra Supercritical Coal-Fired Power Plant, is also the first developer to introduce large-scale renewable energy to the green landscape of Vietnam.
When asked how Mr. Vu felt about signing the Binh Hoa PPA, he graciously said that he is proud that PEN has pioneered solar energy on a large scale into the Vietnamese power grid, a mission that PEN has strongly committed to, so they can provide clean energy to the Vietnamese community.
In Mr. Vu's words, "What we do is simple, we harness clean energy to power the world. We're happy to solarize for the people." With the capacity of 13.2 megawatts, PEN's solar farm will reduce 25 million pounds of greenhouse gas while providing electricity for hundreds of Vietnamese homes starting late 2018.
As PEN's vision to solarize Vietnam takes on a definite form, PEN acknowledges there is a long list of people who have contributed to the designing, structuring and planning of this project. With great sincerity, Mr. Vu kindly expressed his gratitude to all who have spent tireless hours and years on developing Binh Hoa 13.2MW Solar Farm.
Additionally, Mr. Vu is excited to say that this is the first of many to come; and that we can expect to see more of PEN solar projects developing in Vietnam. While PEN has yet to elaborate on their 640-MW future projects, Mr. Vu assures us that solarizing Vietnam is the first step, one that will lead a domino effect, in which they will solarize Southeast Asia.
About Pacific Energy Network, Inc.: PEN is a premiere Project Developer (Dev), an Engineering-