PETALING JAYA: Saigon Jim Brother’s Corporation (EVM), Solarvest (Vietnam) Co Ltd Solarvest and Power Engineering Consulting Joint Stock Company 2 (PECC2) signed a memorandum of understanding (MoU) today to accelerate the adoption of a renewable energy solution in Vietnam.
The collaboration focuses on leveraging the Direct Power Purchase Agreement Mechanism via National Grid (DPPA Mechanism) to supply a large amount of green electricity by Solarvest and PECC2 to EVM’s operations in Vietnam, playing a part in facilitating sustainable energy projects and drive Vietnam’s clean energy transition.
After years of research, the Vietnamese government issued a decree on July 3, 2024, regulating the mechanism for DPPA between renewable energy generators and large electricity consumers.
Of the two types of agreements outlined in the decree, the one through the national grid, also known as the virtual DPPA, is the option selected by the parties under the MoU. This mechanism allows EVM, which has substantial renewable energy needs, to access a utility-scale renewable energy generating source, a solar farm project, with electricity purchases made through the national grid.
EVM, Solarvest and PECC2 recognise that the DPPA Mechanism presents a unique opportunity to overcome barriers to renewable energy adoption, including accessible, regulatory, financial and technical challenges. By uniting their expertise, the parties aim to streamline the adoption of renewable energy solutions and accelerate participation in the DPPA Mechanism for solar energy projects.
Speaking at the event, Solarvest sales, assets and marketing global vice-president, Jack Tan Qi Jie said: “This partnership between EVM, Solarvest and PECC2 is more than a collaboration, it’s a strategic alignment of expertise and shared values. Together, we are addressing one of the most critical challenges businesses face today: the transition to renewable energy in a way that is both economically viable and operationally efficient. Solarvest brings years of experience in clean energy development, with over 1,300MW of renewable energy projects across Asia-Pacific.”
He added that by combining their proven financial models with the technical expertise of PECC2 and the innovative drive of EVM, they are creating tailored solutions that enable businesses to achieve their sustainability goals without compromising profitability.
“We see that the DPPA via National Grid marks an important milestone in Vietnam’s energy transition and it is expected to transform Vietnam’s energy market, policies, and power system operations toward achieving NET ZERO and excited to be a part of this progress as a pioneer,” he said.
EVM CSR senior manager Emil Lin said: “As a footwear manufacturing company in Vietnam for a top international brand, sustainability is at the core of our operations. This cooperation with Solarvest and PECC2 marks a pivotal step in our journey toward achieving our turning green targets. By integrating renewable energy into our production processes, we are not only reducing our carbon footprint but also aligning with EP Group’s global sustainability goals. This collaboration demonstrates our commitment to innovation and environmental stewardship as we continue to lead by example in the manufacturing industry.”
Representing PECC2, chief operating officer Nguyen Hai Phu said the collaboration with Solarvest and EVM represents a significant step forward, allowing PECC2 to provide large-scale green electricity to EVM’s operations in Vietnam.
This partnership, he added signifies more than a legal agreement; it demonstrates a shared vision to overcome challenges in renewable energy adoption.
“By combining our expertise, we aim to address accessibility, regulatory, financial, and technical hurdles, thereby streamlining the implementation of renewable energy solutions and enhancing participation in the DPPA Mechanism for renewable energy projects,” he said.
