By Giles T. Cooper Duane Morris LLP Circular 18 became effective from last month and superseded the previous Circular 16 on the same subject matter. Circular 18 introduces updated template power purchase agreements (PPA) as well as revised regulations for the development of grid-connected solar farms and rooftop solar power systems. Despite rapid growth and significant investment potential, the Vietnamese renewable energy market and the associated regulatory regime remains highly complex and constantly evolving. As introduced under Decision 13 (extending Decision 11), the second feed-in tariff (FiT2) regime provides for a preferential FiT mechanism for a 20-year contractual term as under an executed PPA with Electricity of Vietnam (EVN). This applies to grid-connected, floating, and rooftop solar power projects which achieve a commercial operation date (COD) prior to December 31, 2020. Within this context, developers are racing to complete projects prior to the 2020 deadline in order to enjoy FiT2. Circular 18 specifically applies to the following solar power projects. Where a solar power project (grid-connected or rooftop) achieved COD from July 1, 2019 through to August 31, 2020 (the effective date of Circular 18), the seller and the purchaser must amend any pre-existing executed PPA to ensure that the… Read full this story
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