- Solarvest launches Powervest program: Offers two financing options (Powerflex and Powerlease) to help Vietnamese businesses adopt solar energy.
- Simplifies financing applications through an online platform for quicker approvals and expert advice.
- Facilitates cross-border collaboration, strengthening economic ties between Malaysia and Vietnam.
Solarvest Holdings Berhad launched a program to make solar project financing more accessible for Vietnamese businesses. The company introduced the Powervest program during the DEX Connex Vietnam 2024 event. This program addresses the high upfront costs of solar systems, which have hindered adoption despite growing interest in renewable energy.
Vietnam’s new Direct Power Purchase Agreements (DPPA) framework has increased demand for competitive energy sources. However, many businesses still struggle with the initial cost of installing photovoltaic (PV) systems. To ease this, Solarvest offers two financing options:
Powerflex: This option provides full or partial financing (up to 50%) and allows businesses to co-own the solar system with Solarvest.
Powerlease: Businesses can lease solar installations and pay for the energy generated at a negotiated tariff under the DPPA model.
Dang Khai Hoang, Business Development Director at Solarvest Vietnam, said, “These solutions aim to eliminate financial barriers for businesses looking to invest in solar systems.”
Solarvest partnered with Finhero, a Malaysian fintech firm, to simplify financing. Finhero’s platform enables businesses to apply online for financing, receive free credit assessments, and get expert advice on their solar investments. This partnership speeds up the approval process and increases efficiency.
The companies formally collaborated with a Memorandum of Understanding (MoU), witnessed by Mr Firdauz Othman, the Consul General of Malaysia in Ho Chi Minh City. Top Lim, Co-Founder and CEO of Finhero, said, “Our platform automates and accelerates the financing process, allowing businesses to make quicker financial decisions.”
The Malaysia Digital Economy Corporation (MDEC) supports the initiative through its DEX Connex program. The program connects Malaysian and Vietnamese businesses to foster cross-border partnerships. MDEC CEO Mr. Anuar Fariz Fadzil commented, “This collaboration exemplifies cross-border cooperation, providing Vietnamese businesses with solutions tailored to their needs and strengthening economic ties between our countries.”
Solarvest’s Powervest program is part of the company’s broader strategy to expand its presence in the Asia-Pacific region. The company operates in eight countries and has a solar portfolio of 1,300 MW. Solarvest aims to become a significant player in Vietnam’s solar energy market. Solarvest hopes to accelerate the adoption of solar energy among Vietnamese businesses by offering flexible financing options.
The company’s efforts align with Vietnam’s broader push toward sustainable energy. As businesses increasingly seek cost-effective, eco-friendly energy solutions, programs like Powervest help facilitate the transition to renewable energy.
Solarvest’s approach helps businesses reduce energy costs and supports Vietnam’s commitment to cleaner energy. The partnership with Finhero represents a significant step toward overcoming financial barriers and encouraging solar adoption.
The program will benefit many businesses, from small enterprises to large corporations, looking to invest in solar energy. With MDEC’s backing and the collaboration with Finhero, Solarvest is poised to drive solar energy growth in Vietnam, offering businesses more affordable and efficient energy solutions.
This move by Solarvest reflects a growing trend of innovative financial solutions in the renewable energy sector, which are crucial to making solar energy more accessible and sustainable for businesses across Southeast Asia.