Our strategies

Equity / Core+

Two people walking across an operating wind farm

Core+ infrastructure

Operating assets.
Room to expand.

Explore the strategy
Wind farm. viwicojsc, CC BY-SA 3.0

The Core+ strategy

Contracted assets with a defined second phase

The most attractive operating assets in Vietnam come with an obvious next step: storage beside a solar farm, a second warehouse phase on leased land, a data hall with an anchor tenant. We look to buy the cash flow and underwrite the expansion.

The base asset has to carry its own debt service. The expansion, whether storage beside solar, a second warehouse phase or a new data hall, is underwritten separately, with its own permits, grid study and offtake.

At a glance

Entry
Majority or co-control stakes in operating platforms
Revenue
Contracted base plus expansion
Counterparties
Developers, industrial-park owners, utilities
Hold
Medium to long term

Where we build next

From the national programme to the assets we pursue

Each stage narrows the field: what the state has committed to, what fits this strategy, our screen, and where we are looking now.

Container ships and logistics infrastructure at a port
Illustrative. Pexels

  1. 01 · National mandate

    10–16.3 GW

    of storage required by 2030 under the revised PDP8, from 300 MW in the previous plan.

    Source: Decision 768/QĐ-TTg via Vietnam Briefing

  2. 02 · Built-in expansion

    ≥ 10%

    of installed capacity in two-hour storage, now expected alongside many new utility-scale solar projects.

    Source: Duane Morris

  3. 03 · Our screen

    Phase two

    permitted or permittable within 24 months, with the base asset carrying debt service on its own.

  4. 04 · Where we look

    Storage, logistics, data

    BESS added to contracted solar, second-phase logistics on the Ring Road 3 corridor, and data halls with signed anchor capacity.

How we execute

From first contact to a held asset

Line drawing of the Core+ cycle: originate an operating asset, diligence the contracted base, stage capital against milestones, build the expansion, then own and recycle equity into the next phase.
  1. 01

    Originate

    Identify operating assets whose next phase is already in the land, grid or tenant file.

  2. 02

    Diligence

    Underwrite the base on contracted revenue alone; treat the expansion as upside with its own permits, grid study and offtake.

  3. 03

    Structure

    Stage capital so expansion funding is released against permit and offtake milestones.

  4. 04

    Build

    Manage the expansion through EPC contracts with fixed price and delay protection.

  5. 05

    Own

    Refinance once the expanded asset stabilises; recycle equity into the next phase.

Revenue certainty, not the currency, sets the cost of capital

Private investment in Vietnamese electricity fell 96 percent in 2023 after pricing rules changed. Our research on why contracted revenue, the base of every Core+ asset, matters more to investors than the dong.

Read more

Intelligence

What is being built now

Full build tracker

Ho Chi Minh City and the south

Vietnam

Status and figures as reported by each source, October 2026.

For investors, sponsors and developers

Allocation and Investment Requests

Investors can request an allocation to invest alongside us. If you are raising equity or debt for an infrastructure asset or platform in Vietnam or the region, tell us about it here; the answers help us see quickly whether it fits one of our strategies.

Every request is read by the team. You can also write to NDD@corvusindustries.com.

Your request

Self-assessment

Is revenue contracted or regulated (PPA, concession, lease or tariff decision)?

Are land rights and the main permits secured?

Do you have a financial model you can share under NDA?

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