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|Banpu's renewable power portfolio in 2019|
BPP Vinh Chau Wind Power Co., Ltd. , a subsidiary of Banpu Power Pcl., started construction of the 65MW Soc Trang Wind Power Plant No 3. The first phase of 29.4MW is slated for completion at the end of 2020. Each year, the first seven turbines would generate about 84.7GWh of electricity, contributing to national energy security as well as the development of renewable energy in Vietnam.
This is Banpu Power’s first wind power project in Vietnam. The move is in line with its oversea investment and core strategy for “Greener and Smarter”.
Somruedee Chaimongkol, CEO of Banpu Power, said on the company website last year that, “Vietnam is the tenth country that Banpu entered to capture great business opportunities. The country is in the Asia-Pacific region that has fast-growing demand for electricity. The power demand of the country will double to 130GW by 2030 as a result of the country’s economic growth.“
“Given the confidence of our stakeholders in every country we have a business, our strong financial performance and our corporate governance, we are determined to grow sustainable business by looking for further investment opportunities that generate great returns and go in line with Greener & Smarter strategy. We focus on the development of three core businesses, including energy resources (coal and gas including related operations such as marketing, trading, logistics, fuel procurement, and transmission), energy generation (coal-fired and renewables power plants), and energy technology (total solar energy solutions, energy storage system, and energy technology system), in Vietnam and other countries in the Asia-Pacific. These businesses are crucial for Banpu’s future growth and potential to create added values and to maximise long-term returns for our shareholders,” Somruedee added.
In 2019, Banpu increased its target to sell more than 2 million tonnes of coal in Vietnam to a trusted and diverse client base. In January 2020, the group established a new wholly-owned subsidiary in Vietnam named Banpu Vietnam LLC with the registered share capital of VND23 million ($1,000). The objective of the subsidiary is to provide services to support coal and power businesses in Vietnam.
Recently, Thai enterprises are increasing funding into developing Vietnam’s energy sector thanks to the abundance of wind and solar power resources and government incentives for the power sector, especially for renewable energy. Some well-known names are B. Grimm Group and Gulf Energy Development Plc.