Solarvest and Finhero Launch Vietnam’s First Solar Financing Fintech Solution

The launch in conjunction with the DEX Connex Vietnam 2024 programme organised by the Malaysia Digital Economy Corporation (MDEC), represents a significant step in Solarvest's regional expansion.

Driven by the recent introduction of Direct Power Purchase Agreement (DPPA) framework, the demand for renewable energy solutions has surged significantly among Vietnamese businesses. Many companies in Vietnam are turning to sustainable energy solutions for cost saving and to achieve sustainability goals. However, the high upfront cost of solar photovoltaic (PV) systems remains the key barrier.

Solarvest's Powervest program offers two key financing options – Powerflex and Powerlease – designed to address varying financial requirements for Vietnam businesses. Powerflex provides flexible packages with zero upfront costs, allowing businesses to either fully own the solar PV system with 100% financing or co-own the asset with Solarvest through 50% financing. Powerlease allows companies to lease solar PV systems and purchase the generated electricity at an agreed tariff, through DPPA model.

Dang Khai Hoang, Business Development Director, Solarvest Vietnam said: "Powervest provides a timely and practical solution to finance companies keen on adopting solar energy in Vietnam. The program offers tailored financial models designed to make clean energy more convenient, affordable, and accessible for all business sizes. Solarvest has successfully implemented this financing model in Malaysia, with over 600MW solar asset development pipeline. Leveraging this expertise, we are now extending its innovative financing solutions to support the growing renewable energy demands in Vietnam."

At the summit, Solarvest, through its Vietnam entity, Solarvest (Vietnam) Company Limited, signed a Memorandum of Understanding (MoU) with a fintech company from Malaysia, Finhero to enhance Powervest's offering through advanced technologies. The MOU exchange, witnessed by the Consul General of Malaysia in Ho Chi Minh City, Mr. Firdauz Othman, formalises the collaboration to introduce Vietnam's first solar financing fintech platform. This technology simplifies and speeds up financing applications, enabling access to solar financing for businesses in Vietnam.

Top Lim, Co-Founder and CEO of Finhero said: "By integrating our technology, Solarvest customer can submit their financial document accordingly for a free credit assessment and seek financial advice for their solar PV investment from different sources. This innovation brings Vietnam companies closer to a sustainable future, where renewable energy adoption is easier and more accessible."

Mr. Anuar Fariz Fadzil, CEO of MDEC added, "MDEC is dedicated to fostering cross-border partnership that drive innovation and sustainability, particularly through the DEX Connex programme. This initiative provides a pivotal platform for Malaysian companies to collaborate, innovate, and build strong partnership within Vietnam's dynamic tech ecosystem. The Powervest programme by Solarvest display how Malaysian expertise can contribute to Vietnam's green energy growth and support businesses in adopting sustainable energy solutions. Together, we advance a shared commitment to the growth of our digital economy."

"There's no one-size-fits-all approach for solar PV investment, we are confident that Powervest offers a comprehensive and adaptable solution to meet various financing needs. Through our expertise in the solar sector, Solarvest remains committed to facilitating clean energy solutions for customers in Vietnam," Hoang added.

Solarvest (Vietnam) Company Limited is the subsidiary of Solarvest Holdings Berhad, a Malaysia-founded clean energy developer with multi-national presence across Asia-Pacific in 8 countries. The company is a one-stop solar photovoltaic system solution provider for residential, commercial & industrial, and utility-scale solar farms. Today, Solarvest has accumulated over 1,300MW renewable energy portfolio.
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