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Renewable energy firms rush to issue bonds

HÀ NỘI — Renewable energy companies were becoming more active in the corporate bond market, according to brokerages.

Statistics from the Hà Nội Stock Exchange (HNX), the national trade promotion office of Finland Finnpro and Techcombank Securities Co showed that among the VNĐ 一 七 一 trillion (US$ 七. 四 billion) of corporate bonds issued in the first half of this year, renewable energy companies accounted for  四 per cent.

The average interest rate of energy bonds was  一0. 三 per cent per year, only second after the real estate sector which stood at  一0. 六 per cent per year.

The successful issuance rate in that period reached  九 二 per cent, with an average term of  七. 二 years.

Trungnam Group has mobilised up to VNĐ 四. 五 trillion from bonds so far this year, with an interest rate of  一0. 五 per cent per year. Hồng Phong  二 Energy JSC has also mobilised VNĐ 一. 六 trillion from  六-year bonds with an interest rate of  一0 per cent per year. Ea Súp  五 JSC collected VNĐ 一. 一 四 trillion with an interest rate of  一 一. 三 per cent per year and terms of  一 八 months to  九 years.

In August, Mỹ Sơn  一 Solar Power Co Ltd successfully issued VNĐ 三00 billion of three-year bonds with an interest rate of  一0 per cent per year.

Clean energy projects such as solar power and wind power are being promoted by the Government, with attractive electricity purchasing prices of  七.0 九 -  九. 三 五 cents per kWh, tax exemptions for  四 years, and a reduction of  五0 per cent of tax payable for the next  九 years.

With the advantages of stable operations, low operating and maintenance costs, and high economic efficiency, bonds issued by clean energy companies have lower risks than other issuers in the fields of real estate and construction, while offering interest rates that are attractive to investors.

Clean energy bonds have a relatively long maturity, averaging  七. 二 years, and most of them are issued privately, meaning they are sold to no more than  一00 investors in the first year under current regulations.

However, from the second year onwards, these bonds can be traded by more than  一00 investors, so there is no difference in buying or selling clean energy bonds compared to other bonds like real estate, which usually have a maturity of about  二- 三 years.

Buyers of corporate bonds are often banks. Previously, banks focused on real estate bonds but clean energy is becoming increasingly more attractive.

Although clean energy bonds tended to be low-risk, not all bonds were equal, according to investment banking directors at several major securities firms.

In addition to the interest rate, investors should also carefully check other factors and terms to avoid risks, they said.

Investors should check whether the energy project's expected size, capacity, revenue and cash flow were sufficient to ensure the project's debt obligations to avoid the issuer defaulting.

If a project does not go into operation, it is necessary to note its legal status, such as its investment approval, electrical activity and land allocation licences.

Investors should also seek advice from reputable and experienced consultants and financial experts.

From  二0 一 八 to June  二0 一 九, more than  三 三0 solar power projects were submitted to the Government for approval. Of which,  一 二 一 projects were added to the national and provincial power plans, with a total power generation capacity of  六, 一00MW by  二0 二0 and  七, 二00MW by  二0 三0.

There are  二 二 一 projects awaiting approval, with registered capacity of more than  一 四, 三 三0MW.

Large solar power plants are concentrated in six provinces in the South Central region, the Central Highlands and the Southern region, including Khánh Hoà, Phú Yên, Ninh Thuận, Bình Thuận, Gia Lai and An Giang.

Ninh Thuận Province alone has  三 一 projects licensed for investment with a total capacity of  一, 八 一 六MW and total registered capital of over VNĐ 五 trillion. Seven projects with a total capacity of  八 五 二MW have been officially put into operation. — VNS