Queen Capital Finance Signed MOU to Jointly Develop 560 MW Wind Farms in Ben Tre Province, Vietnam

Queen Capital Finance with Lee&Lee Joint Stock Company (Lee&Lee) and Thien Phu Energy Investment, JSC. (TPE) signed a Memorandum of Understanding (MOU) for the joint development of two wind farms in Ben Tre province.

The proposed joint venture will be the largest undertaking for wind energy in the Mekong Delta at a cost of up to USD 1,055 million and consisting of a 430 MW nearshore wind farm and a 130 MW onshore wind farm. Project development is divided into two phases with the first 60 MW scheduled to reach COD by 2021-end. The private equity fund Queen Capital Finance has committed to providing up to USD 120 – 150 million in equity and mezzanine financing for Phase 1 of 60 MW as well as leading funds mobilization for the 500 MW Phase 2, projected to commence development in early 2022.

Upon completion, the 560 MW wind farms will generate 1,711 GWh of electricity per annum and create over 200 local jobs and over 400 billion VND annual tax contribution, thereby significantly contributing to the Ben Tre province’s social and economic development.

Queen Capital Financeis a pioneer in private investment in technology-enabled industries and financial services in Asia and through providing capital for expansion and merger and acquisition, for both private and public companies. Queen Capital Finance oversees a broad-based portfolio of investments in sectors ranging from supply chain management, financial services, manufacturing, media, energy, agriculture and transportation. By 2020, Queen Capital Finance’s total investment portfolio is close to more than USD 5,000 million. Queen Capital Finance’s investment strategy is to invest into real estate, financial services, energy and infrastructure projects that can yield long term capital gains and short term stable dividends.

Lee&Lee and Thien Phu Energyaim to develop a 1,000+ MW integrated renewable energy cluster in Ben Tre province, Vietnam by 2023-end characterized by a collaborative network of transmission infrastructure, energy storage and smart-grid technologies. The first-of-its-kind renewable energy cluster promises to help Vietnam address chronic electricity shortages whilst reducing its reliance on coal-fired power plants in keeping with Vietnam’s COP25 commitments. Lee&Lee and Thien Phu Energy’s bold vision is in line with the Vietnamese government’s increased emphasis on renewable energy, targeting additional 6,000+ MW by 2025 and additional 18,000+ MW by 2030. 

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