Bitech Technologies secures $300m of solar-storage financing

Energy technology provider Bitech Technologies Corporation has received a letter of intent (LOI) from Nam Viet Green Energy to provide up to $300 million in financing for US solar and battery energy storage system (BESS) projects.

Subject to Nam Viet Energy’s completion of due diligence for each renewable energy sector project and execution of agreements with prospective target companies, the LOI “formalises Nam Viet Energy’s commitment to facilitate capital investment to invest or acquire several selected projects to be hand-picked by Bitech”, a statement said.

The funding under any such investment from Nam Viet Energy and its capital partners is expected to occur within fiscal year 2023 “with extension to fiscal year 2024”, the statement added.

Vietnam-based Nam Viet Green Energy is an engineering, procurement and construction company focussed on the development of  renewable energy projects.