TTC Group Planning 1 GW In Vietnam

Vietnamese Company Wants To Invest $1 Billion In Solar Projects; Expects At Least 10 Operational Parks By 2018
06:07 AM (Beijing Time) - 09. June 2017

Key Takeaways

  • TTC Group of Vietnam plans to develop 1 GW of solar power projects in the country
  • It estimates total investment on developing the solar capacity to be around $1 billion
  • While 800 MW is planned to be developed by its subsidiary Gia Lui Electricity JSC, the other 200 MW are targeted to be developed by TTC Sugar
  • By 2018, the company expects 10 to 12 solar parks to become operational
  • TTC Group wants to contribute 30% of project costs, with the remaining expected to come from banks and financial institutions

Vietnam based diversified business group TTC Group is planning to invest $1 billion on developing solar power projects in the country. By 2018, it expects 10 to 12 solar parks to be in operation.

Its subsidiary Gia Lai Electricity JSC, which is active in M&A in the hydropower and wind sectors, is supposed to oversee the development of 800 MW of these solar projects.  The cumulative capacity would be 1,000 MW. The remaining 200 MW would be developed by TTC Sugar.

TTC Group is doing business in various industry sectors, including sugar, energy, real estate and tourism.

In an interview with Bloomberg, CEO Thai Van Chuyen said that his company would contribute 30% of the project cost. For the larger chunk, TTC is in talks with banks and financial institutions.

Chuyen termed the solar incentives introduced by the government recently as ‘reasonable’ (see Vietnam Introduces Solar Incentives). In April, Vietnam issued directives to support the country’s solar growth. One is a feed-in tariff of 2.086 VND ($0.09) per kWh for 20 years. As for rooftop solar, the buying and selling price will be reviewed annually. The new directives came into effect on June 1, 2017 and will remain applicable until June 30, 2019.

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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