Nexif Ratch Energy and Vietnam’s Khanh Hoa Province Sign Memorandum of Understanding for Development
KHANH HOA, Vietnam, Nov. 29, 2024 (GLOBE NEWSWIRE) -- Nexif Ratch Energy has signed a Memorandum of Understanding (MoU) with the Khanh Hoa Department of Planning and Investment to collaborate for the development of the 102MW Nexif Energy Khanh Hoa 1 Wind Power Project.
Nexif Ratch Energy obtained a survey license in May 2021, installed 2 on-site met masts in January 2022 and March 2023, and completed a bankable energy yield assessment. The project is now ready for the next stage of development. It will be the first wind power project in Khanh Hoa province. This along with 9 solar projects in operation, will significantly improve the province’s energy mix from renewable resources.
With an estimated investment of USD 155 million, the Project is expected to generate 312,500 MWh of clean energy annually. Upon completion, it will provide significant benefits to local industries and residents, including the creation of over 100 jobs and substantial tax revenues during the construction and operational phases.
The MoU highlights Khanh Hoa Province's ambition to become a leading economic hub by 2030, with a strong focus on development of sustainable infrastructure and Nexif Ratch Energy's commitment to expanding its renewable projects in Vietnam building on a proven track record.
Cyril Dissescou, CEO of Nexif Ratch Energy, stated, “We look forward to fostering a cooperative relationship in supporting the research, investment, and permitting processes for the Nexif Energy Khanh Hoa 1 Wind Power Project. The MoU reflects our continued commitment to expanding our renewable energy portfolio in Vietnam, with Khanh Hoa remaining a key focus for future investments.”
Matthew Bartley, Chairman of the Development Committee of Nexif Ratch Energy, added “This partnership marks a significant milestone in the province’s energy transformation. The Nexif Energy Khanh Hoa 1 Wind Power Project aligns our strategic vision to enhance energy security through renewable sources and the province’s objectives to drive economic growth while advancing environmental agenda.”
Nexif Ratch Energy is a leading Independent Power Producer, specializing in renewable energy, with a strong presence in Vietnam and the Philippines. In Vietnam, the Company owns and operates two hydroelectric power projects and has a sizeable pipeline of onshore wind projects and solar projects. This positions the Company to benefit from the upcoming regulatory framework for renewable energy projects, which is expected to be issued by the Vietnam Government. This new framework will provide greater clarity for independent developers after a prolonged period of provisional arrangements. The Company is confident in Vietnam’s renewable energy sector prospect and sustained growth.
About Nexif Ratch Energy:
Nexif Ratch Energy is a renewable energy company that originates, acquires, develops, constructs, and operates clean-energy power projects in the Asia Pacific region. Headquartered in Singapore with regional offices across Southeast Asia, the Company has a 378 MW portfolio of operating, under construction and shovel ready hydro, solar and wind assets and a development pipeline of wind, solar, and energy storage totaling 3.6 GW.
Nexif Ratch Energy is owned 51% by Nexif Energy (Singapore) and 49% by RATCH Group (Thailand).
Chariya Poopisit
Nexif Ratch Energy
communications@nexifratch.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9b58703-454f-464a-876d-a23e67f77ec4