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]
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