PV Power proposes 4-billion-USD clean energy complex in Ninh Thuan

A worker operates equipment at a PV Power plant. PV Power has proposed the implementation of the Clean Energy Production Complex project in Ninh Thuan province, which is worth nearly 4 billion USD. (Photo: VNA)

Ninh Thuan – The Petrovietnam Power Corporation (PV Power) has proposed the implementation of the Lam Son Clean Energy Production Complex project, with an investment of nearly 4 billion USD in Ninh Thuan province.

The complex will consist of three components: a 1,440 MW pumped-storage hydropower plant with six units; a 3,500 MWp solar power project; and a 350 MW Battery Energy Storage System (BESS).

The total electricity output is expected to reach 5.87 billion kWh per year. The total investment is estimated at 3.98 billion USD, with a land use requirement of approximately 184.2 hectares for the pumped-storage hydropower plant and 2,000 hectares for the solar power project.

The project is set to commence in 2026 and is expected to be operational by the end of 2030. It will utilise advanced storage battery and pumped-storage hydropower technologies to convert the less stable solar power into a reliable and flexible electricity supply, thereby realising the model of “self-production, self-consumption” solar power in Ninh Thuan. This aims to harness development potential and meet the goal of making Ninh Thuan a central hub for energy and renewable energy in the country.

The Ninh Thuan provincial leadership agreed and expressed their willingness to facilitate PV Power's preparation of the project documentation. They also urged PV Power to proactively implement the investment procedures early and work closely with relevant departments and local authorities to prepare and submit the project proposal for approval by central ministries, aiming for operation in the investment phase of 2026 - 2030.

With eight power plants currently in operation, totaling 4,205 MW of generation capacity, PV Power is the second largest listed company in terms of maximum capacity, only after the 7,000 MW capacity of Power Generation Corporation 3 (GENCO3, stock code PGV). PV Power's total generating capacity is equivalent to about 5.4 per cent of Vietnam’s total designed generation capacity.

According to a report at the recent mid-year business review conference, PV Power’s leadership stated that the total revenue of the corporation in the first six months of the year was estimated at 16.169 trillion VND, reaching 97 per cent of the plan and equivalent to 100 per cent of the same period last year. It is estimated that in the second quarter of 2024, PV Power achieved nearly 10 trillion VND in revenue.

PV Power secures $300 million loan to fund LNG plants PetroVietnam Power (PV Power) has signed a short-term loan agreement worth $300 million with Citibank and ING to supplement capital for the Nhon Trach 3 and Nhon Trach 4 power plants, which are the first liquefied natural gas (LNG)-to-power plants in Vietnam.

PV Power to develop $3.98 billion clean energy complex in Ninh Thuan PV Power, also known as PetroVietnam Power Corporation, has plans to start building a clean energy complex in the central province of Ninh Thuan in mid-July.