Asia Pacific

April 2019 - Astris Closes Debt Financing on Vietnam Solar Power Plant Project

Astris Finance is pleased to announce the successful closing of the debt financing for the 49.5-MWp Cat Hiep Solar Power Plant Project (the “Project”), arranged with one of Vietnam's largest banking groups.

 Quadran International developed the Project, in association with Truong Thanh Vietnam Group (TTVN). Astris Finance acted as the sole financial advisor to the project company and sponsors.

The Project is the first solar power plant developed in Vietnam by Quadran International. It is currently under construction, with the goal of reaching commission in June 2019. The target annual production of the Project is approximately 76.5 MWh, which will supply energy to 40,000 homes in South Central Vietnam. The Project secured a 14-year project finance package on a non-recourse basis.

A credit agreement between the Project company and the domestic bank was signed on March 7 at the French Embassy of Hanoi. His Excellency M. Bertrand Lortholary, Ambassador of France, was in attendance.

Hugo Virag, who heads Astris Finance’s operations in Southeast Asia, said, “We thank Quadran International for its confidence in Astris Finance’s ability to secure long-term project financing in a very short time frame. On the back of the first Vietnamese renewable debt financing that we closed in the wind sector in mid-2018, we were confident we could replicate the same project finance package in the solar sector while significantly fast-tracking the credit process. We achieved a time frame of four months from due diligence and structuring to signing the credit documentation."

Fabrice Henry, CEO of Astris Finance, said: “This transaction is another important milestone for both the Vietnamese renewable sector and the Vietnamese banking sector, as it sets a project finance standard in line with international best practices. This second closing in less than 12 months confirms the breakthrough of the wind financing we arranged in the summer of 2018 and bodes well for the future of renewable financing in Vietnam.”

For any inquiries, please contact Mr. Hugo Virag via email ( or at +65 6809 3718


July 2018 – Dam Nai Wind Project Closes on Vietnam’s First Non-Recourse Project Financing in the Non-hydro Renewable Energy Sector

Astris Finance is pleased to announce the successful closing of the debt financing for the 40 MW Dam Nai wind project (the “Project”) arranged with one of the largest Vietnamese banking groups.

This closing would not have been possible without the remarkable collaboration of the visionary stakeholders behind the Dam Nai wind project. Ahead of the market, these stakeholders worked together to apply the global wind industry’s best practices in respect of all aspects of project development -- design, construction, operation, environmental & social impact assessment and mitigation, and debt financing.

The Project has been developed by Singapore-headquartered The Blue Circle in association with local partner TSV Investments. In February 2017, Armstrong SEA Clean Energy Fund invested into the Project and since then has been acting as its financial sponsor. Astris Finance acted as exclusive financial advisor to the project company and its sponsors.

The Project was the first foreign-controlled wind farm project to reach commissioning in Vietnam, when its Phase 1 of 6MW achieved commercial operation in November 2017.

The seventeen-year financing for an amount in VND equivalent to approximately USD 45m signed in June and received its first disbursement on July 3rd, 2018. Its main purpose is to refinance a portion of the Phase 1 costs and to finance the construction of Phase 2. It is the first-ever long-term project finance package arranged for a non-hydro renewable project in Vietnam with no direct recourse against the sponsors and no credit enhancement solution.

Hugo Virag, who heads Astris Finance’s operations in South East Asia, said: “This is a landmark transaction for both the Vietnamese renewable sector and the Vietnamese banking sector. We hope it will greatly contribute to setting solid market standards for the Vietnamese renewable project finance sector, paving the way for the rapid expansion of renewable energy in Vietnam.”

According to the National Power Development Plan VII, as amended in 2016, Vietnam’s generation capacity is expected to grow from 45 GW currently to 130 GW in 2030 – with over 26 GW to be contributed by non-hydro renewable projects. This growth is unlikely to take place without a solid project finance framework in place.

Fabrice Henry, CEO of Astris Finance, said: “This transaction showcases one of the trademarks of Astris: our ability to patiently work with market participants to craft a financing structure that closes the contractual and regulatory gaps often present when a new energy market emerges.

We are both honoured and proud to have contributed to the advancement of the renewable energy market in Vietnam and are hopeful that the market will grow very strongly in the years ahead.”

For any inquiries, please contact Mr. Hugo Virag via email ( or at +65 6809 3718

July 2016 – Astris to act as exclusive financial advisor to a renewable energy independent producer in connection with various investment opportunities in South-East Asia

Astris has been retained by a leading French Renewable Energy Independent Producer to advise on the acquisition and/or financing of several greenfield and brownfield solar-generated power plants across South-East Asia, including Cambodia, Thailand and Vietnam.

April 2016 – Astris to appoint Michael C. Sagcal as Astris’ Country Representative in the Philippines

Astris Finance is very pleased to announce that Michael C. Sagcal has joined its team as Country Representative based in Manila, Philippines. 

Prior to joining Astris Finance, Michael was Spokesperson and Communications Director at the Philippines’ Department of Transportation from 2012 to 2015. While concurrently serving as Senior Project Development Officer in 2013, he worked on special issues in the structuring and tender of the agency’s first set of PPPs: the USD 1.3 Bn LRT-1 Extension, the USD 340 Mn Mactan-Cebu International Airport, and the USD 34 Mn LRT-MRT Automatic Fare Collection System.

He spent two years at a law firm from 2010 to 2012, where his infrastructure and energy practice included acting as transaction advisor to the PPP Center and advising the National Renewable Energy Board in formulating the country’s landmark Feed-In Tariff Rules.

Michael earned his Juris Doctor degree from the University of the Philippines in 2009 and his Diploma in Corporate Finance from the Ateneo de Manila University in 2014. He also attended the PPP Foundation Masterclass Program at Her Majesty’s Treasury – Infrastructure UK as a Mansion House Scholar in 2012.

November 2014 – Astris to act as Financial Advisor in connection with the structuring of a limited-recourse domestic debt financing of a multi-use real estate project in Vietnam

Astris has been retained by a leading Malaysian conglomerate in connection with structuring ofVND 13,000 bn (eq. USD 575m) greenfield project consisting in the development, construction and operation of a Shopping Center in Ho Chi Minh City, as part of the Phase 1 of a large-scale multi-purpose real estate project to be comprised of hotels, residential and office towers