Beacon Fund backs CAS Energy on renewable energy expansion

May 21, 2024 | 19:30
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Beacon Fund and CAS Energy reached an initial investment agreement in April to advance renewable energy projects integrated with circular agriculture under the climate-smart agriculture model in Vietnam.
Beacon Fund backs CAS Energy on renewable energy expansion

Led by CEO Nguyen Pham Cam Tu, CAS Energy stands at the forefront of renewable energy and climate-smart agriculture in Vietnam. Since its founding in 2008, CAS Energy has made significant strides, championing equitable transition and sustainable development while contributing to the national net-zero goal by 2050.

"At COP 28, Vietnam pledged to achieve net-zero by 2050, emphasising the importance of renewable energy," Tu said. "This commitment opens substantial opportunities for both domestic and international businesses to expand their cooperation in this sector."

With over 15 years of expertise and more than 20MW of successfully implemented solar projects, CAS Energy persuaded Beacon Fund to invest, underscoring the company's potential and vision for the future.

"Following a comprehensive evaluation, we are excited to partner with CAS Energy to support the national strategy for renewable energy development and climate change mitigation," said Do Hong Yen, investment manager at Beacon Fund. "Our impact-linked investment structure will offer CAS Energy access to lower-cost capital if the company improves gender diversity within its workforce, particularly in project areas."

CAS Energy will leverage this investment to develop rooftop solar projects coupled with climate-smart agriculture. This collaboration not only supports Vietnam's renewable energy and sustainable agriculture objectives but also creates jobs for farmers in developing regions such as Ninh Thuan and Dong Nai provinces.

"Beacon Fund's investment will propel CAS Energy towards a green, equitable, and sustainable future while opening doors for further collaboration with other impact investors," Tu said.

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By Celine Luu

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