BEN TRE, Vietnam, April 24, 2025 (GLOBE NEWSWIRE) -- Nexif Ratch Energy has reached a key milestone in the development of its 80MW Ben Tre Wind Power Plant project, having successfully signed Amendment and Supplement Agreements to the original Power Purchase Agreements (PPAs) with Vietnam Electricity (EVN) on 18 April 2025.
With the expiration of the Feed-in Tariff (FiT) regime in October 2021, the Vietnamese government actively worked to establish a new pricing mechanism that reflects lower renewable energy investment costs while continuing to attract long-term private investment.
In this context, Nexif Ratch Energy has worked diligently and collaboratively with all relevant authorities to agree on a revised tariff, positioning the project as one of the first transitional wind energy projects in Vietnam to sign a Power Purchase Agreement (PPA). The successful negotiations with EVN mark a breakthrough, reflecting strong cooperation among key stakeholders, including EVN and its subsidiary, Electricity Power Trading Company (EPTC).
This achievement comes at a pivotal moment in Vietnam’s renewable energy landscape, as the country continues to strengthen its regulatory framework and accelerate the transition to cleaner energy sources. The government has taken significant steps toward this goal through the enactment of new laws, decrees, and guidelines related to the power sector, and through the revision of Power Development Plan 8 (PDP8), which proposes ambitious new renewable energy targets — an additional 16.1GW of onshore and nearshore wind, and 27.9GW of utility-scale solar capacity by 2030. These efforts are intended to drive growth in the renewable energy sector while keeping Vietnam competitive in attracting investment in green infrastructure.
Mr. Surender Singh, Chairman of the board of directors of Nexif Ratch Energy, commented, 'We commend the Vietnamese government for its proactive efforts in driving the country’s energy transition. Structural changes in the energy sector require a strong and coordinated approach between government, regulators, and, importantly, investors. As we have seen with the Nexif Energy Ben Tre Wind Power Plant project, success relies on strong, ongoing partnerships to overcome challenges and unlock new opportunities for the country’s sustainable future.'
Mr. Cyril Dissescou, CEO of Nexif Ratch Energy, added 'I’m proud of our team for their persistence and focus in achieving this milestone. I also want to thank EPTC for their close collaboration. This success reflects the strength of our partnerships and our shared commitment to Vietnam’s clean energy future.'
With the amended PPAs now signed and key procedural steps completed, the project is advancing towards financial close, with construction scheduled to begin in the second half of 2025. This progress underscores Nexif Ratch Energy’s commitment to delivering sustainable and reliable energy to Vietnam’s national grid, supporting the country’s energy transition, and contributing to the development of a greener future.
About Nexif Ratch Energy
Nexif Ratch Energy is a leading renewable energy company focused on the development, acquisition, construction, and operation of clean-energy projects across the Asia Pacific region. Headquartered in Singapore with regional offices in Vietnam, the Philippines and Thailand, the company’s portfolio includes 378 MW of operating, under-construction, and shovel-ready hydro, solar, and wind energy assets. Additionally, Nexif Ratch Energy has a development pipeline totaling 3.2 GW across wind, solar, and energy storage projects.
Nexif Ratch Energy is jointly owned by Nexif Energy (Singapore) with a 51% stake and RATCH Group (Thailand) with a 49% stake.
For Media Inquiries:
Chariya Poopisit
Nexif Ratch Energy
communications@nexifratch.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe6c5e6a-9551-4686-b931-7e9d74be2cd4
