Foreign investors rush Vietnamese solar power sector

June 24, 2016 | 16:03
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A series of foreign investors have been planning to develop solar power plants in Vietnam as the demand for renewable energy in the country is increasing.

AirCraft Company Vietnam-Germany GBR has proposed the Quang Tri People’s Committee to develop a $200 million solar power project in Trieu Son and Trieu Trach communes, Trieu Phong district.

Previously, the provincial leaders licensed the investor to carry out a survey to choose the most suitable site.

The plant will cover an area of 130 hectares and have a designed capacity of 100 megawatts. The project will be funded by German Development Bank (KFW) and European international financial organisations.

According to the provincial leaders, the site to develop the project is under the province’s solar power development plan, offering numerous advantages including low population density, convenient traffic infrastructure for equipment import, and favourable weather conditions.

At the working session with the investor’s representatives, Nguyen Duc Chinh, Chairman of the Quang Tri People’s Committee, requested the investor to compile a detailed construction plan and then complete procedures for the investment certificate.

Chinh also requested the Quang Tri Department of Industry and Trade to collaborate with relevant agencies to support the investor during the construction process.

In early June, the Dak Lak People’s Committee negotiated with South Korean investors to develop two solar power projects with the total investment capital of $1.2 billion in Ea Sup district.

Notably, the leaders of the Dak Lak People’s Committee visited South Korea to attend a working session with representative of SolarPark Korea Co., Ltd. to discuss plans to develop a solar power plant.

The investor has yet to release the official investment capital as well as the plant’s designed capacity. It expects to invest between $0.6 and $1 billion in the plant with a capacity of 300-500MW

In addition, Dak Lak licensed a join venture between Long Thanh Infrastructure Development and Investment Joint Stock Company and Namu Company to implement the construction of a 120MW solar power project with a total capital of $200 million. The construction will be implemented after the investor receives the investment certificate in approximately six months.

Previously, Canadian CMX Renewable Energy Inc. sought a license to construct a 150MW solar power plant in the central province of Ninh Thuan with an investment volume of $150 million.

By By Ha Vy

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