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Coats Phong Phu — proving Zero Capex worked in Vietnam.
The first commissioned project under SPUC's Zero Capex PPA model, in District 9, Ho Chi Minh City. The 500 kWp Phase 1 system feeds the Coats Phong Phu thread factory under a long-term PPA at a price competitive with EVN's retail tariff — the customer pays nothing upfront, SPUC owns and operates the system, electricity is sold via the PPA.
The project carried strategic weight beyond its size. It was supported by the UK Foreign & Commonwealth Office's Prosperity Fund through the Supporting Southern Vietnam Solar Photovoltaic Development (Solar Hub) initiative — a UK government-Dragon Capital partnership backing the first wave of Vietnamese C&I solar. The launch event in District 9 was attended by the British Ambassador to Vietnam. For SPUC, it set the template that the whole platform was built on. For the Vietnamese market, it was one of the first credible Zero Capex deals.
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