The recent introduction of the Direct Power Purchase Agreements (DPPA) framework in Vietnam has heightened interest among local businesses in more competitive energy sources. Despite this growing enthusiasm, the high initial costs of photovoltaic (PV) systems remain a major barrier to adoption.
To address this challenge, Solarvest Holdings Berhad, a company specializing in energy solutions, introduced its Powervest program in Vietnam during the DEX Connex Vietnam 2024 event, organized by Malaysia Digital Economy Corporation (MDEC).
Powervest offers two main financial options tailored to businesses:
– Powerflex: Provides full or partial (50%) financing, allowing businesses to co-own the solar system with Solarvest.
– Powerlease: Enables businesses to lease solar installations and pay for the electricity produced at a negotiated tariff under the DPPA model.
Dang Khai Hoang, Business Development Director at Solarvest Vietnam, stated, “These solutions are designed to remove financial barriers that hinder businesses from accessing solar systems in Vietnam.”
Technological Partnership with Finhero
To further enhance accessibility, Solarvest partnered with Finhero, a Malaysia-based fintech company. Finhero’s platform integrates technology that simplifies the financing application process. Businesses can submit their financial documents online for a free credit assessment and receive advice on their solar investments.
The signing of a Memorandum of Understanding (MoU) between Solarvest and Finhero, witnessed by the Consul General of Malaysia in Ho Chi Minh City, Mr. Firdauz Othman, marked a key milestone in this project.
Top Lim, Co-Founder and CEO of Finhero, explained, “By automating and accelerating administrative processes, our platform helps businesses make faster and more efficient financial decisions.”
A Program Supported by MDEC
The initiative is also supported by MDEC’s DEX Connex program, which facilitates partnerships between Malaysian and Vietnamese businesses. According to MDEC CEO Mr. Anuar Fariz Fadzil, “This collaboration is a prime example of cross-border cooperation, offering Vietnamese businesses solutions tailored to their specific needs while strengthening regional economic relations.”
With an active presence in eight countries across the Asia-Pacific region and a solar portfolio totaling 1,300 MW, Solarvest aims to establish itself as a major player in financing and integrating photovoltaic solutions in Vietnam’s business sector.
