PV Power to take a dive into solar power

June 01, 2020 | 14:45
PV Power plans to establish a member company to set foot in the renewable energy sector. At first, the group will construct rooftop solar power systems on the buildings and factories in the holding of PetroVietnam.
pv power to take a dive into solar power
PV Power will start by building rooftop solar systems on top of PetroVietnam's facilities

PetroVietnam is supporting PV Power to implement this project.

According to the representative of PV Power, the company has distinct advantages due to its experience in management, operation, as well as partner relationship with EVN. Besides, the company has the available infrastructure to help connectivity.

In the first year, the firm expects to generate 50MW of solar power. Although this figure is rather small compared to other projects in the power industry, however, with its advantages in infrastructure and human resources, numerous businesses expressed intentions to co-operate with PV Power.

According to PV Power's recently published business statement, its net revenue in the first quarter decreased by 6 per cent to VND7.97 trillion ($346.5 million) and its after-tax profit saw a plunge by 45 per cent to VND505 billion ($21.96 million). The company said that this bleak result is still within its plans and was mainly due to a plunge in the capacity of its two hydropower plants. Besides, it has yet to add the profit from Nhon Trach 2 thermal power plant.

Regarding other projects invested by PV Power, Nhon Trach 1 thermal power plant has seen decreasing gas sources and PV Gas plans to take gas from Sao Vang Dai Nguyet field to offset the lack. Besides, PV Power is considering using liquefied natural gas (LNG) as an alternative.

In addition, PV Power completed the feasibility study for the implementation of large-scale projects, including Nhon Trach 3 and 4 thermal power plants, and has mobilised capital to develop projects located in Ong Keo Industrial Zone in the southern province of Dong Nai.

According to information published by PV Power, the consultancy agency of Nhon Trach 3 and 4 – Power Engineering Consulting JSC 2 – completed the feasibility study. PV Power will submit the basic report to the Ministry of Industry and Trade for approval and send a document to EVN to discuss grid connection. Besides, the company will work with Electric Power Trading Company and PV Gas to negotiate power and gas purchase agreements for the two projects.

Regarding the investment capital, along with loans from banks and credit funds, as well as equity, PV Power announced that the Thai investor B.Grimm Power expressed intention to invest in these two projects, as part of their MoU on investment co-operation.

By Ha Vy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional