On April 18, Nexif Ratch Energy signed amendment and supplement agreements to the original Power Purchase Agreements (PPAs) with Vietnam Electricity (EVN).

With the expiration of the Feed-in Tariff (FiT) regime in October 2021, the Vietnamese government has worked to establish a new pricing mechanism that reflects lower renewable energy investment costs while continuing to attract long-term private investment.

Nexif Ratch Energy has worked collaboratively with all authorities to agree on a revised tariff, positioning the venture as one of the first transitional wind energy projects in Vietnam to sign a PPA.

The successful negotiations with EVN mark a breakthrough, reflecting strong cooperation among key stakeholders, including EVN and its subsidiary, Electricity Power Trading Company.

This achievement comes at a pivotal moment in Vietnam’s renewable energy landscape, as the country continues to strengthen its regulatory framework and accelerate the transition to cleaner energy sources.

The government has taken significant steps toward this goal through the enactment of new laws, decrees, and guidelines related to the power sector, and through the revision of Power Development Plan 8 (PDP8), which proposes ambitious new renewable energy targets including an additional 16.1GW of onshore and nearshore wind, and 27.9GW of utility-scale solar capacity by 2030. These efforts are intended to drive growth in the renewable energy sector while keeping Vietnam competitive in green infrastructure.

Surender Singh, chairman of the Board of Directors of Nexif Ratch Energy said, "We commend the Vietnamese government for its proactive efforts in driving the country’s energy transition. Structural changes in the energy sector require a strong and coordinated approach between government, regulators, and, importantly, investors. As we have seen with the Nexif Energy Ben Tre Wind Power Plant project, success relies on strong, ongoing partnerships to overcome challenges and unlock new opportunities for the country’s sustainable future."

Cyril Dissescou, CEO of Nexif Ratch Energy said, "I’m proud of our team for their persistence and focus in achieving this milestone. I also want to thank EPTC for their close collaboration. This success reflects the strength of our partnerships and our shared commitment to Vietnam’s clean energy future."

With the amended PPAs now signed and key procedural steps completed, the initiative is advancing towards financial close, with construction scheduled to begin in the second half of 2025. This progress underscores Nexif Ratch Energy’s commitment to delivering sustainable and reliable energy to Vietnam’s national grid, supporting the country’s energy transition, and contributing to the development of a greener future.