Vietnam may be getting another solar power plant thanks to Canadian company CMX Renewable Energy Inc.
As the country continues to develop, government officials are exploring new sources of renewable energy. As such, CMX joins a growing number of foreign investors – such as Korean firm SolarPark Korea – who are outfitting Vietnam's sunny coast with solar power plants.
According to BizLIVE, CMX plans to construct its 150-megawatt plant in Ninh Thuan province to the tune of US$150 million. In a meeting with government officials, the company pledged to supply 1% of the plant's output to locals at no charge. Upon completion, CMX also hopes to enter into an agreement with state-run firm Electricity of Vietnam (EVN) which will require the company to purchase all output from the power plant in 10-20 years, reports Thanh Nien.
Vietnam sees approximately 2,000-2,500 hours of sunlight each year, making it possible to produce energy equal to 43.9 million tons of oil a year. The country's first-ever solar power plant will come into operation in Quang Ngai in 2017, while the construction of solar power panel manufacturing facility is set to start anew in the south.
[Photo via Wikicommons]
