Vietnam Approves $3.3 Billion For Solar Projects

Big Boost For Solar Power In Vietnam As Provincial Government Grants Licenses For Projects Close to 3 GW Worth $3.3 Billion
07:46 AM (Beijing Time) - 15. March 2017
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While Vietnam is keen on increasing its installed solar power capacity, targeting a modest amount of 850 MW by 2020 and 12 GW by 2030, the recent PV project approvals by Daklak province would result in nearly 3 GW alone.

Key Takeaways

  • Daklak province of Vietnam has reportedly approved solar power projects worth $3.3 billion, reported Reuters
  • Vietnamese private firm Xuan Thien Daklak will be looking at setting up a 2,000 MW solar power project for $2.2 billion
  • Another 250 MW project is planned to be developed by Long Thanh Infrastructure Development and Investment Company with an investment of $308 million
  • AES Corporation of the US plans to develop a solar power plant of 300 to 500 MW for a total of $750 million, while Solar Park Global of South Korea plans to invest $45 million to set up a PV plant in Daklak province
  • This approved volume of nearly 3 GW alone would be much higher than the 850 MW of PV capacity the Vietnamese government targets by 2020

The provincial government of Daklak in Vietnam has approved development of solar power projects worth $3.3 billion. The government has granted licenses and signed memorandums of understanding for the projects, reported Reuters. The investment would result in close to 4 GW.

The largest capacity is reported to be a 2,000 MW solar power project that Vietnamese private firm Xuan Thien Daklak will be working on. It has received a provincial government license to invest $2.2 billion on the project to be located in Daklal province in the Central Highlands.

US based AES Corp. plans to invest $750 million to set up a solar plant between 300 MW to 500 MW.

South Korea’s Solar Park Global and Vietnamese Long Thanh Infrastructure Development and Investment Company may invest $45 million and $308 million, respectively. Long Thanh will be looking at developing a 250 MW solar power plant.

As per the revised National Power Development Masterplan (PDP VII), the country wants to increase the solar power capacity to 850 MW by 2020, 4,000 MW by 2025 and eventually scale it up to 12,000 MW by 2030.

Vietnam is eliciting interest from several foreign companies. China’s Trina Solar started solar panel production at its Vietnam factory in January 2017 (see Trina Solar Starts Vietnam Factory). Fellow Chinese manufacturer JA Solar too broke ground at its manufacturing facility in Vietnam (see JA Solar Starts Work On Vietnam Factory). In fact, several of the top Chinese tier 1 module manufacturers have OEM agreements with Vietnamese module maker Vina Solar

Another US based company Natcore Technology Inc., has plans to set up a 200 MW solar park, along with a laboratory facility and a solar panel manufacturing facility (see 200 MW Solar Park In Vietnam).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani