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| Representatives of responsAbility (Switzerland) and CME Solar at the virtual signing ceremony. |
On 15 Aug, 2023, in a virtual signing ceremony between responsAbility and CME Solar signed a long-term senior secured debt financing contract up to 20 million USD – this was second facility of ResponsAbility invested into CME Solar, positioning it as the largest investment into non-financial institutions in Vietnam up until 2023. With fresh – funding the cumulative investment by responsAbility in CME Solar reaches 32 million USD. After the successful initial funding phase provided by responsAbility in 2021, CME Solar has achieved a remarkable triumph in upholding its commitments to investors. The pinnacle accomplishment of this solar power system is epitomized by a notable Foxconn Solar Project (31.5 MWp) in Bac Giang - Bac Ninh, Vietnam, which received full funding from responsAbility. This project stands as a flagship endeavor, characterized by the implementation of top-tier technical practices, including the utilization of N-type PV technology across the entire project. With robust financing and procurement strategies, as well as a steadfast focus on Health, Safety, and Environment (HSE), the project was executed flawlessly in a mere three months and achieved - No Environmental Incidents. Such accomplishment of the Foxconn project, along with numerous other projects throughout Vietnam, serves as a testament to the trust and contentment that responsAbility holds for CME Solar.
This funding injection empowers CME Solar to embark on a diverse array of projects, with a focal purpose of enhancing commercial and industrial (C&I) solar initiatives across a wide spectrum of sectors in Vietnam. These sectors include manufacturing, electronics, food, beverages, and textiles. Speaking of expansion, CME Solar does not set limitations on geographical borders, hence eyeing to bolster its coverage across Southeast Asia. This expansion is guided by a well-defined roadmap and robustly strategic plans that consistently exceed investors’ expectations.
Mr. Chung Dieu Tuan, CEO of CME Solar Investments, is entirely confident about the market outlook, emphasizing a rising need for rooftop solar installations in Vietnam's FDI manufacturing domains, especially in electronics/semiconductors, garment, and textile, and global MNC consumer sectors. With government support, Mr. Tuan firmly believes in the significant growth potential of rooftop solar-energy development in Vietnam in the upcoming decade. He also acknowledges the dedication of in-house teams in meeting all standards requested by responsAbility, and positively foresees CME Solar to deliver beyond planned targets for this year.
The second facility allow CME Solar to launch into markets with an impressive capacity of 50 MWp. The sizable capacity not only contributes a reduction of 51,200 tons of CO2 annually, but also allows end-users to claim around 70,000 Renewable Energy Certificates (REC).[1] This alignment with the UN's Net Zero targets underscores the commitment to a more sustainable and eco-friendly future./.