Vietnamese renewable energy company CME Solar Investments (CMES) has completed a US$12M debt financing round with Switzerland-headquartered impact investor responsAbility.
CMES will channel the financing to promote green power for Vietnam’s commercial and industrial (C&I) segment. The company plans to deploy many projects to allow its clients to directly consume green energy through the business model “Zero Cost Investment”.
“We are bullish on the potential of Vietnam’s solar sector, especially adoption by C&I off-takers who are keen to minimise operational costs, now more than ever before,” said Sameer Tirkar, principal climate finance APAC for responsAbility.
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Founded in 2018, CME Group leverages the model of Zero Cost Investment to be fully responsible for investment, installation, operation and maintenance of the solar system for customers.
The solar energy provider claims to have served over 100 clients across 20 industries. It has also installed over 200 million MWp and generated over 2GWh of electricity each year.
“Sustainable growth, decarbonisation, and energy security are key themes for both developed and emerging markets globally. We are on the right path to join other global developers to create a better world,” said Tuan Dieu Chung, CEO of CMES.
The company boasts that its end-to-end solutions covering the whole value chain of design, engineering, procurement and O&M leads can take full control over each project’s quality, timelines, and costs.
According to a press statement, CMES’s clients can use green energy with special prices lower than Vietnam Electricity Group’s price. It counts Tan Son Nhat International Airport, Adidas R&D Center, and Hwaseung Vina among its clientele across the country.
In addition, CMES owns warehouses with ready inventories, eliminating the lead time of delivery to secure on-time completion of projects.
The company is backed by Vietnam Oman Investment Fund, a sovereign fund established by Oman Investment Authority and State Capital Investment Corporation of Vietnam.
Meanwhile, responsAbility manages US$3.5 billion of assets to invest in over 250 fully ESG-managed (Environmental, Social, and Governance) companies across 68 emerging economies.
So far, responsAbility has disbursed more than US$10 billion in private debt and private equity to companies in the financial inclusion, sustainable food and climate finance sectors whose business models directly support the United Nation’s Sustainable Development Goals.
The renewable energy sector has gained momentum with wide adoption globally. In Vietnam, as of December 2020, the total installed capacity of solar power across the country touched around 19,400 MWp, according to Vietnam Electricity.
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Image Credit: CMES
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