ShinFox Energy’s International Expansion! Vietnam Green Energy Development Targets Over 200MW in the First Phase

ShinFox Energy (6806) is expanding internationally by signing an Investment Agreement with Chugoku Electric Power of Japan and Vietnam’s renewable energy developer, BB Power Holdings (BBPH). They will jointly invest in a renewable energy power plant in Vietnam, with an initial capacity exceeding 200 MW. This move reflects their strong commitment to participating in the international green energy development landscape and providing essential support as the ideal backing for global overseas green energy supply by Taiwanese businesses.

In addition, ShinFox Energy established Shinfox Far East Company Pte Ltd in Singapore two years ago to create an international fleet and maritime engineering team. Due to Taiwan’s limitation from the influence of the northeast monsoon, the offshore wind power construction period is only six months. To engage in maritime engineering, it is essential to internationalize. In order to expand the scale of Taiwan’s offshore wind power market and be able to undertake huge global maritime engineering opportunities worth billions of dollars, Sowitec Energy jointly established ‘Shinfox Far East Company Pte Ltd’ in 2021 in partnership with a maritime engineering team from Singapore.

After completing the investment this year, ShinFox Energy gained control and allocated billions to build an international fleet. In addition to nurturing talented young people from Taiwan, the company has organized a team consisting of professionals from Singapore, Germany, the Netherlands, Denmark, India, Malaysia, Vietnam, Myanmar, and other countries. It is the first owner of an international maritime engineering team and international fleet among local offshore wind power teams in Taiwan. This marks an important step for Taiwan’s local wind power industry to move towards an international professional team.

Husen Hu, General Manager of ShinFox Energy, pointed out that renewable energy is a service industry, and the service industry needs to go international. In order to develop overseas renewable energy business, ShinFox Energy joined forces with international strategic partners to invest in overseas clean energy projects. Last year, they also went to the Pacific region to develop the Fiji wind power renewable energy market in collaboration with Chugoku Electric Power from Japan, thereby tapping into global renewable energy opportunities.

Recently, on the morning of the Mid-Autumn Festival, they participated in an investment agreement with the well-known developer BBPH in Vietnam through a joint investment approach. ShinFox Energy holds 35% of the shares, Chugoku Electric Power from Japan holds 35%, and the Vietnamese developer holds 30%. The three parties confirmed their cooperation framework in Ho Chi Minh City, Vietnam, on September 29. BBPH is a subsidiary of the Vietnamese BB Group and has accumulated nearly 1 GW of operational and management experience, covering various green energy technologies such as hydropower, solar power, and wind power.

Vietnam is currently one of the Asian countries with the most comprehensive global trade agreements, including CPTPP, EVFTA, RCEP, and enjoys preferential tariffs with major global countries. This has led to increased investment by Taiwan’s manufacturing industry in Vietnam in recent years. Taiwan currently ranks as the fourth largest investor in Vietnam, following South Korea, Singapore, and Japan.”

In 2022, the Vietnamese government introduced the ‘2050 National Climate Change Strategy,’ pledging to achieve carbon neutrality by 2050. This year, they have also approved the ‘8th National Power Development Strategy,’ which prioritizes the green energy industry as a key focus for the next stage of Vietnam’s development. Moreover, the visit of U.S. President Biden to Vietnam on September 10th marked an elevation in bilateral relations to a ‘Comprehensive Strategic Partnership,’ strengthening economic and trade cooperation. As a result, Vietnam’s green energy industry has garnered significant attention, and the demand for green electricity has become an urgent and crucial issue for Taiwanese businesses.

To meet the demand for green electricity in Vietnam, ShinFox Energy’s board of directors recently approved additional investments in Vietnamese renewable energy projects. They are collaborating with strategic partners, Chugoku Electric Power of Japan and Vietnamese developer BB Power Holdings (BBPH), to jointly invest in overseas clean energy projects, expanding their international presence. This move aims to generate higher returns on investments, benefiting shareholders and contributing to the company’s revenue.

According to official estimates, Vietnam’s solar energy potential is approximately 963 GW (around 837,400 MW on land, 77,400 MW on water surfaces, and 48,200 MW on rooftops). From now until 2030, the total solar energy capacity is expected to increase by 4,100 MW. By 2050, the total installed capacity is projected to range from 168,594 to 189,294 MW, producing 25.21 to 29.15 billion kWh of electricity.

By 2030, onshore wind energy capacity is set to reach 21,880 MW, with around 6,000 MW of offshore wind energy. Given the rapid technological advancements, reasonable electricity prices, and transmission costs, these figures may further expand. By 2050, offshore wind energy could potentially reach between 70,000 and 91,500 MW.”

Source: Yahoo 新聞 | Link

Visit our service｜Link