ASIAN POWER AWARD (2021)
The award-winning 1.453 MWp, solar rooftop project, is one of the most impressive projects to be installed under the BLT scheme (Build – Lease – Transfer) by PROINSO in collaboration with its local partner VU PHONG ENERGY GROUP in Vietnam and financed by ECOLIGO.
Lac Long is one of our pioneering projects in Vietnam using the BLT (Build – Lease – Transfer) partnership model. It reflects the parties’ agility in recognizing the benefits of solar power and the growing trend of renewable energy in Vietnam. In the Nail Spa business, LAC LONG COMPANY has goods in several key markets worldwide. This solar power project allows them to demonstrate their commitment to offering the most outstanding products and services while minimizing their environmental impact.
With this particular model businesses can make use of the idle roof space of a factory. They can choose to either rent the system or buy back clean electricity produced from the system at a lower price than the current electricity bill. When the contract ends the whole system is then transferred back to the business free of charge with a committed capacity of over 80 to 90% (depending on conditions).
The BLT model is a win-win for all parties involved including businesses, investment funds and EPC contractors. It gives a business the opportunity to promote green production whilst using clean power at low pricing and without the need for upfront investment capital. The model is especially suited for businesses looking to prioritise and make use of most of their capital to invest in technology, expand production scale, or concentrate on research and development (R & R&D). The self-production and self-consumption form whilst only generating 20% of the capacity to the national grid does not put any added pressure on the transmission and distribution network whilst still helping Vietnam to achieve its renewable energy development and GHG emissions reduction goals.
The project will:
– Help to reduce CO2 emissions by more than 1,843 tons a year
– Generate electricity output of around 2,105 MWh/year
– Protect the environment (the equivalent of planting over 81,000 trees)
VU PHONG ENERGY
Asian Power Award in the awards categories “Environmental Upgrade of the Year” and “Solar Power Project of the Year”