ADB, EVN discuss investment in $30 mln battery energy storage system project in Vietnam
State-owned utility Vietnam Electricity (EVN) and the Asian Development Bank (ADB) have discussed investing in a pilot Battery Energy Storage System (BESS) project in Vietnam.
At a meeting on Wednesday, the ADB side, represented by Andrew Jeffries, advisor, Energy Transition Mechanism and Partnerships, proposed building a pilot 50MW/50MWh BESS project near Hanoi.
A meeting between EVN and ADB to discuss the BESS project, Hanoi, August 14, 2024. Photo courtesy of EVN.
The project is estimated to cost $30.17 million, to be funded with ADB’s non-sovereign loan and grants from the Global Energy Alliance for People and Planet.
ADB proposed that the project be included in the Just Energy Transition Partnership (JETP), an initiative supported by the International Partners Group (IPG) and aimed to help Vietnam reach its ambitious Net Zero 2050 goal.
Two business models were proposed for the project: Ancillary Services Contract and Grid Asset.
Potential ancillary services include power consumption and frequency control, which are increasingly important in the context of the growing share of renewable energy in the country.
Nguyen Tai Anh, deputy general director of EVN, highly regarded the proposal. Anh added that the Ministry of Industry and Trade will submit to the government for approval of a crucial project portfolio that includes the BESS project as a pilot scheme for early deployment.
EVN and ADB agreed to coordinate further efforts to elaborate the project for submission to relevant authorities and consequential commencement and financing arrangements.
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