The Blue Circle appoints new Director to drive Wind Energy Investment in Cambodia

Varabott Ho

Southeast Asia’s leading wind energy project developer The Blue Circle has appointed a new member to the Company’s Board of Directors today, extending the board’s size to six members.

“I am very pleased to welcome Varabott Ho to our Board of Directors” said Olivier Duguet, Chief Executive Officer of The Blue Circle. “He will bring not only his extensive international financial experience but also his understanding and knowledge of the new Cambodia emerging economy.

“It confirms our interest in implementing renewable energy solutions for a country where electricity demand is growing at 16% per year and with the second highest cost of energy in the ASEAN”.

Cambodia had 2,008 MW installed and 58% households electrification rate as of December 2016. The country is still dependent on its imports for 24% of its energy supply and has planned to add 1,335 MW of new power capacity by 2024.

Varabott Ho has more than 20 years working experience in the banking and finance industry across Europe and Asia Pacific. He worked in Private Banking at Banque Indosuez and Banque Hottinguer before becoming Senior Investment Manager at Credit Suisse in Paris, London and Zurich.

In 2010, Varabott specialised in emerging markets at Axa in France and Leopard Capital in Cambodia. He is now General Manager of the Institute of Banking & Finance Cambodia, founded by The Association of Banks in Cambodia to provide training to the banking and finance community in Cambodia. Varabott has acted as an advisor to The Blue Circle since 2013.

Varabott graduated from the University of Chicago Booth School of Business and is a certified EFFAS International Investment Analyst. 

About The Blue Circle

The Blue Circle is a developer of renewable energy projects with a focus on wind power and projects in Thailand, Vietnam, Indonesia and Cambodia. Based in Singapore, the company works to bridge the gap in project development in Southeast Asia by bringing international project development experience and financial expertise together with local market understanding. Vertically integrated with unique regional wind engineering capabilities, The Blue Circle can identify green field sites, pursue project development milestones up until financing and operating of the generating assets.

For further information, please contact:
Olivier Duguet
Tel: +65 6358 3414
olivier.duguet@thebluecircle.sg

Dam Nai Wind Project provides support to local communities for Tet Festival

On 21 Jan 2017, Dam Nai Wind Power JSC supported the local communes of Tan Hai, Phuong Hai, Bac Son and Bac Phong with Tet Festival gifts to poor communities living in the areas of the Dam Nai Wind Farm. 

100 gifts were offered by the Chairmans of the communes, as well as Mr Dien, representing TSV Invest, The Blue Circle’s local partner on the project.

The Blue Circle receives support from the United Nations Environment Programme (UNEP)

15 December 2016

Southeast Asia’s leading wind energy developer The Blue Circle has been selected as the first renewable energy development company to receive support from the Seed Capital Assistance Facility (SCAF) phase II for early stage low carbon projects in frontier markets of Asia.

After an extensive engagement process, The Blue Circle signed in July 2016 a Cooperating Agreement with Frankfurt School of Finance and Management, which together with United Nations Environment Programme (UNEP), implements SCAF II. The support budget for The Blue Circle’s frontier project development is set at US$1.4 million over three years and covers projects in Vietnam, Cambodia, Indonesia and The Philippines.

The financial support will cover parts of The Blue Circle’s development costs to increase its project pipeline, deliver capacity building at local developer level and get seeded projects up to financial close.

“I am very proud that The Blue Circle has been selected by UN Environment Programme (UNEP) for its SCAF II deployment in Asia. It will greatly enhance our ability to reach new frontier markets as well as strengthen our existing later stage projects. Being recognized by the United Nations is a great honour and achievement” said Olivier Duguet, Chief Executive Officer of The Blue Circle.

“It recognises our pioneering work in the technically sophisticated development of wind power sites in Southeast Asia as well as our team’s unique expertise and the strong relationships we have built with local partners”.

With currently less than 1,000 MW of total installed capacity in only three countries of the entire Southeast Asia region, wind energy has a great potential to expand the region’s  energy mix and to advance the Paris Agreement’s target of keeping a global temperature rise of this century below 2 degrees Celsius.

About The Blue Circle

The Blue Circle is a developer of renewable energy projects with a focus on wind power and projects in Thailand, Vietnam, Indonesia and Cambodia. Based in Singapore, the company works to bridge the gap in project development in Southeast Asia by bringing international project development experience and financial expertise together with local market understanding. Vertically integrated with unique regional wind engineering capabilities, The Blue Circle can identify green field sites, pursue project development milestones up until financing and operating of the generating assets.     

About Seed Capital Assistance Facility

As an innovative public private partnership, the Seed Capital Assistance Facility SCAP) works through private equity funds and project development companies to mobilise early-stage investment for innovative low carbon projects in developing countries of Asia and Africa. The Facility has been running since 2009 and has launched a second phase late 2015. Implemented by the UN Environment Programme (UNEP), it is managed by the Frankfurt School of Finance and Management, through its FS-UNEP Collaborating Centre for Climate and Sustainable Energy Finance.                      

More information on SCAF: www.scaf-energy.org

For further information, please contact:
Olivier Duguet  
Tel:  +65 62594921        
olivier.duguet@thebluecircle.sg      

The Blue Circle approved for 40 MW wind project in Vietnam

Southeast Asia’s leading wind energy developer The Blue Circle has received an Investment Certificate from the Vietnamese authorities for its 40 Megawatt (MW) Dam Nai project, in Ninh Thuan province, South Vietnam.

Sixteen months after having been granted site exclusivity from the provincial authorities, the Singapore-based renewable energy specialist, along with its Vietnamese partner TSV, have been awarded an Investment Certificate for 40 MW, opening the process to sign a long term lease, as well as Power Purchase Agreement with EVN, the national power utility.

The site of 933 hectares along the Highway One has seen a 100 metre meteorological mast erected by The Blue Circle in May last year to measure wind velocity and has a potential for a total capacity installed of 70 to 100 MW.

The Investment Certificate awarded to the company confirms the site inclusion in the Energy Development Masterplan of the Ninh Thuan province, as well as grid capacity availability for the project.

“This approval for 40MW is only the first phase of the total project. With the grid connection on site, as well as very good wind speeds, the Dam Nai project has all the attributes to succeed even in a low Feed-In-Tariff environment,” said Olivier Duguet, Chief Executive Officer of The Blue Circle, in announcing that the Investment Certificate had been granted.   

“It is a great achievement and recognition of the professional development work which has been done by our team in Vietnam during the last three years”, he added.

The next steps for the project will be undertaking engineering studies along with the remaining permitting and financing. Construction is scheduled to start in 2017 for the first phase, to be followed by other phases in the subsequent years. Total potential investment for the first phase is expected to reach US$ 60 million.

“With less than 120 MW of wind power installed in the country so far, the Dam Nai project will position The Blue Circle as one of Vietnam’s wind energy pioneers, able to significantly contribute to the ambitious target set by the government. We intend to fully participate in the wind power expansion in Vietnam going forward and make wind energy become a reality in a country with big potential,” explained Gilles Beau, Chief Development Officer for The Blue Circle.

In accordance with the Paris Climate Conference signature, the Vietnam Prime Minister has set a new target of 4,000 MW for wind power capacity by 2025 (*Decision 428 of 18 March 2016) which positions the country as potentially the largest market for wind power in Southeast Asia.

*Decision No. 428/QĐ-TTg dated 18 March 2016 of Prime Minister on approval of “The Revised National Master plan for Power development for the period from 2011 to 2020, with the vision to 2030”.

  
About The Blue Circle

The Blue Circle is a developer of renewable energy projects in Thailand, Vietnam, Indonesia and Cambodia. Based in Singapore, the company works to bridge the gap in project development in the Southeast Asia region by bringing international project development experience and financial expertise together with local market understanding. By being vertically integrated with unique regional wind engineering capabilities, The Blue Circle can identify green field sites, pursue project development milestones up until financing and operating of the generating assets.      
 
For further information, please contact:
Olivier Duguet  
Tel:  +65 62594921         
olivier.duguet@thebluecircle.sg

The Blue Circle and Vestas join hands on wind power development in Southeast Asia

A collaboration agreement to develop a project pipeline of up to 688 MW across Southeast Asia was signed between The Blue Circle, a Singapore-based renewable energy project developer, and global wind power giant Vestas Wind Systems in Singapore on September 17.

According to the five-year plan set out in the collaboration agreement, the two parties will have their initial focus on Thailand and then explore further wind power opportunities in Vietnam and Indonesia.

“This agreement shows Vestas commitment to help make wind power happen in Southeast Asia following the rest of the world six-fold increase of wind installed capacity during the last 10 years. We are thrilled by this Collaboration Agreement with the world’s leading wind turbine manufacturer which is going to bring its latest on-shore turbine technology for low wind speed sites to Southeast Asia with us,” says Olivier Duguet, Chairman and Chief Executive Officer of The Blue Circle Pte Ltd. “Having EREN Renewables as development partners and Vestas Wind Systems as preferred technology providers will build a strong ecosystem of world and Southeast Asia leaders for our teams in Singapore and across the region to build success upon.” adds Olivier Duguet.

“Vestas is honored to be chosen as preferred technology partner by The Blue Circle for their projects being developed in Thailand, Vietnam and Indonesia.  We look forward to working with our partners in the coming years to unlock these wind power opportunities. We will support the development of this project pipeline in Southeast Asia making use of our global experience in delivering wind energy in 74 countries around the world and leveraging our strong technical expertise”, said Anders Runevad, Group Chief Executive Officer & President of Vestas Wind Systems A/S.

Out of 318 Gigawatts of world wind power installed capacity counted by the REN21* at the end of 2014, only 0.5 Gigawatt was installed in Southeast Asia, very far from the 92 Gigawatts installed in China or the 20 Gigawatts installed in India. However, several countries have issued positive regulation or tariffs for renewable energy and wind these past two years, notably  Thailand, Indonesia, The Philippines and Vietnam. The cut in the ASEAN US$51b annual fossil fuel subsidies at the beginning of the year by major economies in the region (i.e. Indonesia, Malaysia and Thailand) is also going in the right direction and adding to the potential positive momentum behind renewable power.

As pointed by the International Energy Agency**, Southeast Asia energy demand, with its 600 million inhabitants, is expected to increase by 80% between today and 2035, a rise equivalent to the current demand of Japan. If its current emphasis on coal power is confirmed, Southeast Asia might become the world’s leading CO2 emitter by 2035, highlighting the urgent need to integrate more renewable power into the region energy mix.

About The Blue Circle

The Blue Circle is a developer of wind and solar energy projects in Southeast Asia. The Singapore based company looks to bridge the gap in project development in the region by bringing international project development experience, financial expertise and capabilities together with local market understanding. Its growth strategy is twofold: through the development of its own projects and through partnership with local developers. By being vertically integrated and having its own wind engineering team, The Blue Circle can identify green field sites, pursue project development milestones up until financing and operating of the generating assets.

For further information, please contact:
Olivier Duguet  
Tel:  +65 62594921             
olivier.duguet@thebluecircle.sg      

*Renewable Energy Policy Network for the 21st Century (REN21) report, Paris, 2015
**IEA Southeast Asia Energy Outlook report, Paris, 2013