VinaCapital, Novaland cooperate on renewable energy

By Hoai Phong   December 9, 2021 | 01:45 am PT
VinaCapital and Novaland signed a Memorandum of Understanding on Dec. 7 to develop and deploy renewable energy across NovaWorld projects.

The two parties will coordinate to research and facilitate green electricity for residents in Novaland's urban areas on a stable and long-term basis.

In recent years, clean energy has been promoted as a long-term strategy in the private sector and recommended by world experts. Novaland is one of the pioneers committed to widely implement this energy in Vietnam.

VinaCapital and Novaland signed a MoU to cooperate in renewable energy. Photo by Novaland

VinaCapital and Novaland sign a Memorandum of Understanding (MoU) to cooperate in renewable energy. Photo by Novaland

Cooperation between VinaCapital and Novaland demonstrates the shared commitment in supporting COP26, United Nations Framework Convention on climate change through practical actions, contributing to the net zero emissions target set by the Vietnamese government for 2050.

VinaCapital is one of the leading investors in clean energy in Vietnam with the goal of developing 2GW of renewable electricity within the next five years.

Last October, SkyX Solar, a member of VinaCapital, received strategic investment from EDF Renewables, one of the world's leading players in renewable energy.

SkyX is operating more than 30MW of rooftop solar power in Vietnam and has committed to invest at least $100 million in developing an additional 200MWp of solar energy.

The company expects to meet the growing demand for low-carbon power sources, offering world-standard solutions for commercial and industrial customers in Vietnam, in the next few years.

The two units will also implement specific plans and programs corresponding to the goals of each phase, through the signing of separate agreements and contracts in future.

First, renewable energy will be applied and developed in hospitality along with tourism projects under the NovaWorld brand.

Since 2019, Novaland has introduced to the market two NovaWorld-branded projects, NovaWorld Phan Thiet in Binh Thuan and NovaWorld Ho Tram in Ba Ria - Vung Tau, both covering 1,000 hectares.

Perspective of NovaWorld Phan Thiet, a project combining a coastal, tourism, and wellness elements with a scale of 1,000 hectares. Photo by NovaWorld Phan Thiet

Perspective of NovaWorld Phan Thiet. Photo by NovaWorld Phan Thiet

Featuring a chain of world-class tourism, resort, health care and entertainment facilities, NovaWorld projects add to the market a second home product line with multi-purpose use and sustainable profitability, along with green and safe technology solutions.

Bui Xuan Huy, CEO of Novaland Group, said it always focuses on development standards as set out via United Nations sustainable development parameters.

"We believe cooperation with VinaCapital in renewable electricity would be a great step with a lot of efficiency and added value for both parties and the community," Huy said.

Established in 2003, VinaCapital is a leading investment and asset management group in Vietnam with a total value of over $3.7 billion, specializing in various types of assets like capital markets and corporate investment.

In addition to a closed-end investment company, VinaCapital Vietnam Opportunity Fund Limited (VOF) listed on the main market of the London Stock Exchange, while also managing open-ended funds, accounts in trust and six domestic investment funds.

Representatives of VinaCapital and Novaland visit the NovaWorld Phan Thiet Project at Novaland Gallery. Photo by Novaland

Representatives of VinaCapital and Novaland visit NovaWorld Phan Thiet at Novaland Gallery. Photo by Novaland

In addition, this group has cooperated with Warburg Pincus to establish a hotel investment joint venture Lodgis Hospitality Holdings.

Established by Mirae Asset Group and Naver Asia Growth Fund, VinaCapital Ventures is a venture capital fund operating in the technology sector, specializing in investing in potential start-up projects across Vietnam.

VinaCapital GS Energy Pty. Ltd., a joint venture between South Korean GS Energy and VinaCapital, is investing and developing a LNG-to-power complex in Long An Province.

Don Lam, CEO of VinaCapital, confirmed technology is key to solving a bottleneck in the energy industry.

"We are actively researching global trends in order to discover innovative technology solutions that can be applied in Vietnam like battery storage technology," said Lam.

Through energy cooperation, private businesses demonstrate their commitment to accompanying the government in achieving the goal of reducing carbon emissions. For residents, their access to renewable energy contributes to the implementation of sustainable development goals.

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