Hoa Binh Construction Group signs contract with Shire Oak International to implement solar energy projects

15:44 | 22/11/2021 Companies

An agreement for the Hoa Binh Industrial Park rooftop solar power project in Long An was signed successfully at Hoa Binh Construction Group Joint Stock Company on November 18, in Ho Chi Minh City.

As part of this agreement, Shire Oak International (SOI) and Hoa Binh Infrastructure Construction Investment Corporation (HBI) will jointly promote the solarization of Hoa Binh Industrial Park Long An (HBIPLA) in the Vietnamese market and in the vicinity, with a view to collaborating on similar projects in other industrial zones. HBIPLA is owned by HBI, which has relationships with the tenant and local governments and will assist SOI in signing the agreement, Power Purchase Agreement with the tenant, and installing the RTS. The building expertise of HRE will be utilized to construct RTS in accordance with the agreements between SOI and tenant. A 42 MW project is planned overall. The rooftop solar systems will be designed, the materials sourced and equipped, constructed, and installed by SOI. As a result of this agreement, HBI will be contributing to environmental protection as well as enhancing the company's brand image and economic benefits.

hoa binh construction group signs contract with shire oak international to implement solar energy projects

The solar energy projects in HBIPLA will reduce carbon emissions by 49,733 tonnes annually and produce about 59 million kilowatt hours annually once they are powered by solar power. Over the assets' lifecycles, HBIPLA expects to save USD141 million on electric bills.

Lê Viết Hà, General Director of HBI, said, “We researched SOI and found that it is a professional developer of solar power systems. SOI is likely to provide many benefits to customers in the HBIPLA by lowering electricity costs and helping to protect the environment by using less fossil fuel-based energy sources.”

Mark Shorrock, Chief Executive Officer of SOI, said, “We are funded by European government and pension money to deploy a no cost solar rooftop on any factory in Asia. Our business model is to own the project for its lifetime and sell cheaper and green electricity to our clients. “We are very pleased to welcome HBI as a new partner of SOI. This cooperation is within HBI’s sustainable development strategy.”

The signing event commemorates the three parties' long-term collaboration: Shire Oak International as the investor and developer, Hoa Binh Infrastructure Construction Investment Corporation as the industrial park owner, and Hoa Binh Renewable Energy Investment Corporation as the EPC.

Huong Ngoc