Ho Chi Minh City, 19 August 2024: Tra Vinh Wind Power No.1 JSC (TWPC), a fully-owned subsidiary of Renewable Energy Vietnam (REV), a leading Vietnamese renewable energy developer, proudly announces its recognition as one of the top 20 enterprises for sustainable development in 2024. REV’s shareholders include climate-centric blended finance fund manager Climate Fund Managers (CFM) and Korean energy company, ST International (STI). This prestigious acknowledgment by Vietnam’s Institute of Economics and Culture and the Vietnam Consumer Protection Center underscores the unwavering commitment of TWPC and REV towards advancing environmental sustainability and supporting Vietnam’s green energy transition.
The accolade comes as part of the “For Vietnam’s Green Environment, Outstanding Enterprises, Brands, Quality Products 2024” programme, an initiative led by the Institute of Economics and Culture. With over 300 applicants and more than 100 exemplary participants, the programme celebrates businesses championing sustainability and fostering consumer wellbeing.
REV is the developer of two nearshore wind farm projects in Vietnam: Tra Vinh, a 48 MW wind farm which became operational in 2021 and Hiep Thanh, a 78 MW wind farm which commenced operations in 2023. Through their investments, CFM and STI have generated 440 GWh of renewable energy in the country per annum, serving c.300,000 people, creating almost 1,000 direct jobs and avoiding c.200,000 tonnes of CO2 equivalent greenhouse gas emissions.
TWPC’s General Director, Jeb Victorino, was also honoured for his exceptional contributions to sustainable development. Reflecting on this achievement, Victorino said: “I am honoured to accept this award from the Institute of Economics and Culture as a representative of our company, its Vietnamese team and our Korean and European shareholders, STI International and Climate Fund Managers. We are privileged to have contributed in some form to the sustainable development of Vietnam through our foreign investment into the country and recognize that our success to date has only been possible thanks to the support of the Vietnamese people: our team, the Vietnamese national government and the People’s Committee of Tra Vinh Province.”
CFM invested in TWPC through its EU-supported Climate Investor One Fund, a USD 1 billion blended finance facility focused on renewable energy infrastructure in emerging markets.
H.E. Julien Guerrier, Ambassador of the European Union to Vietnam, said: “The EU and several EU Member States under our TeamEurope approach are substantially contributing to financing the near shore wind farm in Tra Vinh through Climate Investor One. As part of the EU’s Global Gateway strategy and as co-chair of the International Partners Group of the Just Energy Transition Partnership, the EU is proud to be part of this important project towards clean energy transition in Vietnam and consequently to Vietnam’s progress towards NetZero emissions by 2050. The EU stands ready to continue its financial support for a second phase of TWPC and to be part of Vietnam’s pathway to sustainable and inclusive development.”
Nathan Schmidt, Head of Asia at CFM said: “Climate Fund Managers and ST International are immensely proud of TWPC’s achievements to date including this latest esteemed accolade. We are fully committed to continuing our support of Vietnam’s energy transition journey. As we embark on the implementation of Phase 2 of the TWPC wind farm projects, our aim is to double the current generation capacity, expanding the project’s long-term social, environmental, and economic impact.”
Core to TWPC’s strategy is ensuring that its projects not only benefit the environment but also contribute to the wellbeing of communities and stakeholders. TWPC’s female employees, which comprise 43%, play a crucial role in the company’s leadership and success. Additionally, each TWPC project includes a comprehensive community development programme developed in partnership with host communities. In Tra Vinh, this programme involved installing street lighting along a 10 km roadway and connecting 2,000 households to clean water supply, showcasing TWPC’s dedication to creating positive social impact alongside its environmental initiatives.
