Solar

The project is the first of its kind in the Asia-Pacific to be certified by the Climate Bonds Initiative. The Asian Development Bank (ADB) on October 9 signed a loan agreement worth US$186 million for a solar power project in Vietnam, marking it the country’s first certified green loan. The project, which is one of the largest in Southeast Asia, is expected to reduce 120,000 tons of carbon dioxide annually Funded by the Japan International Cooperation Agency (JICA) that utilizes the “Leading Asia's Private Infrastructure Fund” (LEAP), the syndicated loan is the first green B loan in the Asia-Pacific to be certified under an international certification scheme by the Climate Bonds Initiative. The loan enables the investors who are Thai B.Grimm Power Public Company Limited and Vietnam's Truong Thanh Vietnam Group JSC (TTVN) to develop a 257-megawatt so power farm in Vietnam’s central province of Phu Yen, the largest single operating solar power plant in Vietnam and one of the biggest in Southeast Asia, according to JICA. Provided by ADB and commercial banks including Bangkok Bank, Kasikorn Bank, Kiatnakin Bank, Industrial and Commercial Bank of China, and Standard Chartered Bank, the project aims to reduce dependence on coal and diesel fuel while promoting the utilization of clean domestic energy resources. It is expected to meet increasing power demand in tourist areas such as Quang Ngai province and Nha Trang city, which are located near the project site, and reduce carbon dioxide emissions by 123,000 tons per year, JICA said in a press release. The project will support the rapid development of solar power capacity in Vietnam, advancing the country’s green growth strategy that promotes the process of restructuring and improving economic institutions towards more efficient use of natural resources. The project is part of JICA’s broad support to promote quality infrastructure investment and contribute to social and economic …

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Solar energy is regarded as savior for Vietnam, the country of two-digit energy demand growth annually. Many global experts have recommended a number of measures to help Vietnam tap its great solar power potential which is around 13.5 gigawatts (GW) in planning for the next decade starting from 2020. Vietnam plans to develop roughly 13,000 MW of solar power in the next decade Most of the suggestions in the recent webinar held by Energy Box have focused on sustainability, use of technology, and growing environmental and climate concerns in Vietnam’s renewable energy landscape. The solutions help dwell more on the current scenario and ways to accelerate solar development in Vietnam, the largest installed capacity of solar panels in the whole region. Samresh Kumar, chairman of Vietnam-based skyX Solar, pointed out that the major challenge is the threshold capacity, saying that the Vietnamese government should increase it to break the barrier and to accelerate development while a clear regulation should be made. “In Vietnam, regulations are improving in a right direction. Its capacity has been increased to 1GW in a year and has a potential of development of 18GW by 2030,” he said, adding that there are many advantages like no land requirement and licensing is much easier. Jose Antonio Milan Ruano, Chief Global Development Officer at Spain-headquartered Univergy Solar, exclaimed “There is huge potential in market.” He said that they have been able to drive the market through real corporate power purchase agreements (PPAs). He stressed the need of competitive process of tenders for sub-contractors, subsidy for floating solar among others as it has real potential in Southeast Asia, particularly Vietnam. Tong Phan Long representing Wealth Power Group appreciated the investment landscape in Vietnam, informing that they have the biggest project of 4,000 MW in central Vietnam, for which they have already signed the mandate with the …

[Read more...] about How world experts advise Vietnam to accelerate 13GW of solar power?

The new feed-in-tariffs will be valid for 20 years. The Vietnamese government has enacted a list of new feed in tariffs (FITs) for solar power in Vietnam that is lower than the previous one in the context there has been a wave of investment in this renewable energy. A solar power project (Photo: the EVEF) According to Decision 13/2020, which will take effect from May 22 and replace Decision 11/2017 that was effective until June 30, 2019, the FITs for ground-mounted, rooftop and floating solar power projects are VND1,644 (7.09 US cents) per kWh, VND1,943 (8.38 US cents) per kWh, VND1,783 (7.69 US cents) per kWh, respectively. The new FITs are lower than the preferential price of VND2,086 (9.35 US cents) per kWh regulated in Decision 11/2017. The new FIT scheme is applicable for solar power projects that were approved by competent authorities before November 23, 2019 and started commercial operations (partly or fully) between July 1, 2019 and December 31, 2020. It will be valid for 20 years from the date that a solar power project is put into commercial service. As for the south-central province of Ninh Thuan, the preferential buying price of VND2,086 (9.35 US cents) per kWh will be applied to solar power projects having a capacity of up to 2,000MW that have been added to the national power scheme and scheduled for commercial operation before January 1, 2021. Solar power projects excluded from the above-mentioned projects will have FITs determined through bidding mechanism. This decision has been awaited by large-scale solar investors and households and businesses investing in rooftop solar power because the old decision expired on July 1, 2019. Tran Viet Ngai, chairman of the Vietnam Energy Association Tran Viet Ngai, chairman of the Vietnam Energy Association told H anoitimes that the new FITS continue to attract those who have an interest in the solar power industry in Vietnam, even though they are …

[Read more...] about Vietnam gov’t lowers FIT for solar power projects