Hydro Asia Development, establishing a key player for the development of low-impact hydro projects in ASEAN

Hyvity is honored to partner with Novasia (Novaren Group), a pioneer in the development of greenfield “Wind” projects in Vietnam. This merger of two French renewable energy experts naturally came about due to numerous shared values in a country we are dedicated to and have been working in for many years.

The objective is to combine Novasia’s expertise in wind project licensing/permitting in Vietnam with our know-how in the hydroelectric sector. Our joint venture, Hydro Asia Development (HAD), aims to become a leading hydro developer, supporting Hyvity’s global strategy and serving as a powerful catalyst for mobilizing impact funds towards ASEAN through sustainable projects that are transformative for these regions and aligned with international standards.

Vietnam has set a goal to achieve carbon neutrality by 2050, with an initial target for 2030, outlined and signed in the PDP8 roadmap. The required investments are estimated at $14.5 billion per year and cannot be realized without significant participation from international stakeholders, both private and public. The industrial and political stakes are high. Institutional actors are already mobilized, through initiatives like JETP, to support the transition of this country, which has strong and dynamic growth, and where the need for new capacities is essential.

By implementing best practices alongside Vietnamese developers and bringing our experience with innovative and alternative industrial approaches, we aim to secure international investments. We are committed to contributing to this profound transformation by providing additional production capacities that will be quickly deployed, thus meeting Vietnam’s challenges and ambitions.

With a budget of one million euros for conducting its studies, HAD has outlined a precise strategic roadmap for the next 12 months:

  • Conduct thorough research to gather high-quality data on water resources, their evolution in the context of climate change, and identify the best available sites using innovative satellite imaging data processing tools (screening, AI, etc.);
  • Analyze over 250 projects already registered within the PDP8 (Master Plan), representing 3 GW of small and medium hydroelectricity (out of a total potential of 6.8 GW planned in the PDP8), with the aim of offering our expertise to local project developers by partnering with them to support the realization of their development projects;
  • Study the untapped potential of existing weirs, canals, or agricultural reservoirs that could be equipped with small power plants, initially estimated at over 300 sites representing nearly 500 MW;
  • Propose concrete solutions to Vietnamese authorities, with the support of our Embassy, AFD, and PROPARCO, to accelerate the deployment of a “low impact” hydro portfolio that will attract foreign investments and enable the development of new renewable energy capacities while moving towards a more stabilized electrical grid.
The Hyvity team has made several field visits to engage with our local partners and formalize certain projects. This year, 2024, will be an opportunity to establish our operational presence in Vietnam and to increase acquisitions, repowerings, and development projects.

Focus on Novaren :

Novaren is the result of collaboration among experienced professionals, united by the desire to share their expertise in the field of renewable energies. Already present in Vietnam through its subsidiary Novasia, which has been successfully investing in the wind sector since 2017, this team embarked in 2020 on the development of the 3.5 GW La Gan offshore wind project.

In France, these key players in renewable energy have distinguished themselves on several occasions, notably through NOVAFRANCE Energy, which specializes in agrivoltaics (a pioneer in the field of photovoltaic shelters to address the specific challenges of livestock farming) and through NOVAFRANCE Construction.