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Vietnamese Conglomerate to Invest $1bn in Solar Power Projects

The prospects for a significant boost in Vietnam’s renewable energy production are optimistic as real estate conglomerate TTC Group has announced plans to invest heavily in the country’s development of solar power.

As Bloomberg reports, TTC Group – a Saigon-based sugar, energy, real estate and tourism conglomerate – has earmarked around US$1 billion for construction of a slew of solar power projects in order to capitalize on Vietnam’s growing hunger for power. TTC Chief Executive Officer Thai Van Chuyen shared with the news outlet that his firm is seeking investors to fund 10 to 20 solar parks to be completed by 2018.

“Solar energy is very hot right now as the recent pricing set by the government is reasonable, development costs are much cheaper and coal-fired power plants have caused so many concerns," Chuyen told Bloomberg in an interview at TTC's headquarters. “Vietnam always needs more power every year for its expanding economy."

He also added that TTC will contribute 30% of funding for the parks, which – when finished – will provide up to 1,000 megawatts of electricity. The remaining 70% will come from banks and other financial institutions.

Vietnam’s rapid rate of development will almost double the country’s power consumption in less than a decade, according to a report by BMI research. However, most of the additional production is likely to come from gas-fired plants, according to PetroVietnam, the country’s second-largest power producer. Therefore, TTC Group’s solar projects will provide Vietnam with more environmental options to satisfy its future demand for power.

[Photo via Wikipedia]

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