Vietnam Based BCG Bang Duong & Hanwha Sign Agreement To Develop 100 MW Solar Power Project With $100 Million Investment
Korea’s Hanwha Group has signed on a joint investment agreement with Vietnam based BCG Bang Duong to develop 100 MW PV capacity in the Thanh Hoa district in Long An, Vietnam for an investment of $100 million.
A multi-disciplinary investment company, BCG Bang Duong will arrange for capital sources, secure necessary permits, study and implement the project along with negotiating and signing power purchase contracts for the project with state owned utility Electricity of Vietnam (EVN). Hanwha will provide its expertise in providing technology equipment, engineering, installation and arranging for international financing.
The 100 MW solar PV plant is planned to be built in an area of 125 hectares. Construction of the plant is scheduled to begin in Q1/2018. It will start generating clean energy by 2019.
By 2020, Vietnam is targeting to have an installed solar power capacity of 850 MW and increase it to 12,000 MW by 2030. In April 2017, the Vietnamese government issued directives for grid connected solar power projects to sell power for 2.086 VND ($0.09)/kWh for a period of 20 years (see Vietnam Introduces Solar Incentives).
Another Vietnam based company, TTC Group, recently announced its plans to develop 1,000 MW of solar power projects with an investment of $1 billion (see TTC Group Planning 1 GW In Vietnam).