Indian firms strengthen renewable energy investment in Vietnam

Vietnam Investment Review

Renewable energy has attracted many foreign investors to Vietnam, including several Indian firms.

The two-day state-level visit of President Tran Dai Quang and his wife to India on March 3-4 will bring a new Indian investment wave, this time focusing on renewable energy, infrastructure, education, and information technology.

Indian giants, including TATA Group, Adani Green Energy Ltd., and Suzlon Energy Ltd. set foot in Vietnam very early after the country opened its doors for foreign investment. TATA Group's solar power project in Binh Phuoc province is the latest Indian investment project. Its total capacity is 49 megawatts and is located on 55 hectares in Loc Ninh district of the southern province.

Shenbagam Manthiram, chief representative of TATA Group, said that Binh Phuoc has ample sun irradiation. Besides, Loc Tan commune is well connected to transport infrastructure and the national grid as well. This project is expected to be completed in June 2019 to take advantage of the preferential feed-in-tariff from the government (9.35 cent/kWh for 20 years).

Earlier, in 2013, the Indian company also poured $1.8 billion into the 1,200MW Long Phu 2 thermal power plant in the Mekong Delta province of Soc Trang. This is one of three power plants at Long Phu Power Center. Putting Long Phu 2 into operation is a significant milestone in promoting investment between Vietnam and India.

In 2017, TATA deployed solar power projects in four Vietnamese provinces with the total estimated capacity of 250MW. Besides renewable energy and beverages, this company intends to expand to other sectors in Vietnam.

Following TATA, Adani Green Energy Limited researched Vietnamese localities to develop several renewable energy projects. Jayant Parimal, CEO of Adani Green Ltd., revealed that these plants will generate at least 1,000MW of renewable energy in Vietnam.

In addition to these two giants, Suzlon Energy Ltd. also intends to develop renewable energy projects in Vietnam that would use the most modern technology in the world. The company is one of the world leaders in renewable energy solutions.

Himanshoo Raj Khare, director of emerging markets at Suzlon, said that the company has visited Vietnam to research five localities as well as meet and discuss with ministries and related agencies certificates for solar power projects.

Hi-tech Indian projects not only meet environmental protection requirements but also promise opportunities of technology transfer and improving quality of Vietnam's human resources.

To date, India has 176 projects in Vietnam with the total investment of $814 million, ranking 28th among the nations and territories investing in the country.

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