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|The agreement will help Vietnam deal with the rising electricity demand and promote environmental protection at the same time|
Covering an area of 125 hectares in Thanh Hoa district of Long An, the solar power plant project boasts a total designed capacity of 100 megawatt. The plant is scheduled to be built in the first quarter of 2018 and will generate electricity as soon as in 2019.
Under the agreement, BCG will arrange capital sources, carry out the necessary procedures, study and implement the project, as well as negotiate and sign a power purchase contract with EVN. Meanwhile, Hanwha will be responsible for providing technology, equipment, engineering, installation, and arranging international financial funds.
As a tropical country, Vietnam has enormous advantages and holds ample potential for solar energy. The country's residential and commercial solar energy is estimated to be at least 2-5GW over the next decade. The capacity of ground solar systems in the south of Vietnam amounted to about 22GW. Accessing this new source of energy not only contributes to the energy supply, but also helps save energy and reduce environmental pollution.
Nguyen Ho Nam, chairman of BCG's board of directors and representative of BCG joint operation, said, “BCG focuses on investment in renewable energy projects as the long-term development strategy of the company. We believe the solar power project will benefit from Hanwha’s experience and modern technology, especially in the field of renewable energy. Once put into operation, the project will contribute to increasing the power supply for Vietnam as well as mitigate climate change and promote environmental protection.”
Founded in 1952, Hanwha is the 8th largest Korean corporation with total assets of $117 billion and is the 277th largest economic group in the world. Hanwha currently has a diverse portfolio in major segments, including aerospace and mechatronics, renewable energy, construction, finance, travel, and entertainment, chemicals, and materials.
Hanwha has a global network of 58 subsidiaries in Korea and more than 170 companies around the world, like Canada, the US, China, the UK, the EU, and Japan. Hanwha is currently the second largest non-bank financial institution in Korea.
BCG Bang Duong Joint Venture operates in infrastructure development, real estate and renewable energy. BCG is a listed company on the Ho Chi Minh City Stock Exchange (HSX), with the chartered capital of VND1.08 trillion ($47.52 million). Meanwhile, Bang Duong Investment-Construction-Trading Company (Bang Duong) is an accomplished infrastructure contractor in Vietnam.
|Trung Nam Group to join renewable energy sector
On June 10, Trung Nam Construction Investment Corporation (Trung Nam Group) and Trung Nam Wind Power Joint Stock Company signed contracts with partners to implement wind and solar power projects in the central province of Ninh Thuan.
|Vietnam’s largest solar power plant connected to the grid
On May 12, Sao Mai Group Corporation (ASM) connected the 1.06-MW Sao Mai 1 solar power plant to the national grid.
|Mechanisms for encouraging solar power development
PM Nguyen Xuan Phuc has signed Decision on mechanisms for encouraging solar power development in VIet Nam. The following is full translation of the Decision for reference.