Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets, announced that it has been appointed by Hero Future Energies (HFE) to and perform micrositing of wind turbines and an energy yield analysis (EYA) for its wind farm project in the central highlands of Vietnam.
Modern Energy Management’s scope of work on the Vietnam project includes performing computational fluid dynamics (CFD) modelling.
“Modern Energy Management has supported HFE on a number of projects in Vietnam,” said Oman Singh with Hero Future Energies, “and we have found their technical advisory and engineering services to be extremely helpful. When we were evaluating the environmental and technical requirements in and around the site of this project, we knew that Modern Energy was the right partner to provide wind engineering services.”
“Modern Energy is applying advanced levelized cost of energy (LCOE) optimization techniques to ensure complete wind farm optimization,” stated Marc Wright, Head of Engineering and Development at Modern Energy Management. “Knowing that the site has environmental constraints, MEM will perform a full energy optimization to increase the project’s yield while respecting the environmental and technical limitations.”
The current Feed-in-Tariff (FiT) in Vietnam is set to expire in November 2021. A post-November Feed-in-Tariff has been announced, which will make project development increasingly competitive.
“One issue affecting Vietnam investors recently is that the window to hit the current FiT is closing,” continued Mr. Daniels. “A new FiT has been announced for projects achieving commercial operations after November, but at lower rates. This puts pressure on developers to optimize their projects. Going forward, successful investors will really have to focus on LCOE. MEM is a good fit for HFE on this scope due to our experience in optimizing project value drivers, particularly in Vietnam.”
Vietnam is currently the most active renewable energy market in ASEAN due to its heavy reliance on coal and hydro power. While Vietnam currently has over 400MW of installed wind capacity, it set a goal to achieve 2GW of installed capacity of wind energy by 2025 as it looks to diminish its environmental footprint. MEM supports investors of wind projects in Vietnam with a current estimated capacity of over 1.5GW.
About Modern Energy Management
Modern Energy Management (MEM) is more than a technical advisory firm. Advising on commercial, financial, and project risk management, the firm enables investors to successfully develop, construct and operate investment grade projects in emerging markets.
This is accomplished by offering world-class renewable energy expertise with emerging market experience. MEM is also unique in its confidence of services provided, truly partnering with select clients by sharing project risk, “putting skin in the game.”
Based in Bangkok, Singapore, and Vietnam, MEM is currently managing development, construction and operations of wind and solar projects throughout ASEAN and central Asia
About Hero Future Energies
Established in 2012, Hero Future Energies (HFE), a member of the Hero group of companies, is a leading renewable energy power producer in India and is rapidly expanding globally via its international offices in London and Singapore. HFE currently has an installed capacity base of 1.3GW, with a further 1.5GW of projects under construction. In a short span of time, the company developed a pipeline of ~500MW of utility-scale grid connected solar projects across Europe, South Asia and Southeast Asia, with an ambition to further grow its installed capacity base to 5GW by 2022. HFE invests primarily in wind, grid connected solar, rooftop solar and energy storage technologies. Its commitment to the preservation of the planet with green energy is reflected in its motto ‘Planet Positive Power’.