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Tata Power and ACWA Power set on renewable energy projects in Vietnam

Vietnam Investment Review

Along with licensed projects, foreign investors, especially Tata Power and ACWA Power, found new opportunities in the renewable energy sector in Vietnam.

On August 3, representatives of the two groups visited the central province of Binh Thuan to find investment opportunities in the renewable energy sector.

Notably, at the morning working session with provincial leaders, the representatives of FECON group and ACWA Power proposed to develop three renewable energy projects with the capacity of 50MW each.

On the same day, Tata Power from India expressed its desire to pour capital into a solar power project with the capacity of 100 MW. With its experience in the energy sector, Tata Power is confident on the feasibility of developing the project.

The provincial leaders pledged to provide favourable conditions for these firms during the studying as well as the construction process.

The above enterprises are familiar names in the Vietnamese energy sector.

Tata Power, an affiliate of Tata Group, is one of the leading power businesses in India. Earlier, the company was granted permission by the government to build Long Phu 2 thermal power plant, expected to cost $2 billion, in Mekong Delta province of SocTrang. With a capacity of 1,320MW, Long Phu 2 plant is expected to become operational in December 2020.

Regarding ACWA, in early July, a consortium including Saudi Arabian ACWA Power and South Korean Taekwang Power Holdings Co., Ltd. officially received the investment certificate for the $2.3-billion Nam Dinh 1 thermal power project. It is the seventh foreign-invested power project licensed in Vietnam since the country opened its doors to foreign direct investment three decades ago.

The 1,200MW plant is an independent greenfield power project to be developed on a build-operate-transfer (BOT) basis. It is part of the 2,400MW Nam Dinh thermal power complex. The project is scheduled to commence construction in early 2018. The first unit will enter commercial operations within 51 months, while the power facility will take 57 months.

Binh Thuan is considered a great potential for solar power development. The province has approved investment studies in 30 other solar electricity projects, Eco Seido and Da Mi solar plants of which have a respective capacity of 40MW and 47MW and are getting approval from the Ministry of Industry and Trade.

Binh Thuan has 40 locations suitable for solar power projects, mainly in BacBinh, TuyPhong, and Ham Tan districts.
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