Sunseap International, the international arm of Singapore’s leading clean energy provider Sunseap Group, has signed an agreement with InfraCo Asia Development Pte Ltd (InfraCo Asia) to jointly develop a 168 MWp utility-scale solar power project in Vietnam.
Located in the southern-central coast Ninh Thuan province, the solar project is one of the first large-scale solar projects in the country, along with a solar power project jointly developed by Philippine’s AC Energy and Vietnam’s BIM Group last month.
According to the official announcement from Sunseap International, the annual electricity generated will be able to power up to 200,000 households in the country.
InfraCo Asia, an infrastructure development and investment company of the Private Infrastructure Development Group, will bring its leadership expertise and provide funding for the development phase of the project.
Sunseap International will continue to hold a majority stake in the project while InfraCo Asia will take a minority stake alongside Sunseap’s existing partner, CMX RE Canada.
The project is expected to reach commercial operation by June 2019.
Thailand’s largest solar energy company, Superblock Pcl on February 9 announced that it plans to invest 56 billion baht ($1.76 billion) to install 700 MW of wind farms in Vietnam
Last month, AC Energy, the energy sector business arm of the Philippines’ largest conglomerate Ayala Group, also announced that it is investing in Vietnam’s solar power industry through a partnership with Vietnam-headquartered BIM Group to jointly develop over 300 megawatts (MW) of solar power projects in Vietnam’s Ninh Thuan province.
In April 2017, Vietnam fixed the price of solar power at 9.35 US cents/kilowatt hour. The government set a June 2019 deadline for solar power plants.
Sunseap is one of the largest and most established players in the solar energy industry in the region. It has a pipeline of projects in Cambodia, India, Thailand, Vietnam, Malaysia, and Australia.
InfraCo Asia is an infrastructure development and investment company which aims to stimulate greater private sector investment in infrastructure in the low-income developing countries of South and South East Asia.