The Blue Circle starts construction of first 40MW wind project in Vietnam

Southeast Asia’s leading wind energy developer The Blue Circle has started construction of its Dam Nai project in Ninh Thuan province, Vietnam.

Since being awarded an Investment Certificate for 40 Megawatt in July 2016, The Blue Circle and its Vietnamese Partner TSV have worked on the land compensation process and the engineering of the site.

The project sits along the Highway One and consist of 933 hectares of agricultural land where a 100 metre meteorological mast had been erected by The Blue Circle in May 2015.

The site has one of the best wind resources of South Vietnam and has the potential for a total capacity installed of 70 to 100MW.

After an extensive selection process, The Blue Circle has chosen Gamesa as the exclusive supplier for its Dam Nai 40 Megawatt project. The G114-2.625 MW turbine will be the first Gamesa turbine supplied to Vietnam and the largest wind turbine installed in the country so far.

The turbine supply contract as well as a 10 year maintenance contract has been signed with Gamesa Wind and the first turbines are expected to arrive this summer on site. The project construction will take place in phases during 2017 and 2018 for a total budget of US$ 58 million.

“The Vietnam wind energy target of 4,000 MW installed by 2025 is ambitious but with long term financing it can be turned into reality” stated Olivier Duguet, Chief Executive Officer of The Blue Circle.

“We are building the first foreign owned wind project in Vietnam and intend to fully participate in the future growth of what could become the largest market for wind power in Southeast Asia” he added.

The Blue Circle has a total portfolio of 1,658 MW of projects under development in 5 countries with offices in Singapore, Bangkok and Ho Chi Minh City. Dam Nai will become its first operating project.

About The Blue Circle

The Blue Circle is a developer of renewable energy projects with a focus on wind power and projects in ASEAN countries. 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

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