Solar power investors step into the fray
Solar power investors step into the fray
The Vietnamese renewable power sector, especially solar power, is becoming more attractive in foreign investors’ eyes due to the increasing demand for renewable energy in the country.
One of the newest investors is Kimin Power from the United Kingdom, which plans to build a solar power plant with the total investment capital of VND5 trillion ($225.6 million) in Duc Pho district, Quang Ngai province.
In a meeting with the Quang Ngai People’s Committee, the company’s representative said that Quang Ngai has been recognised to harbour great potential to develop renewable energy, especially solar energy, in the future. Thus, the investor requested the province to provide favourable conditions for it to develop a 150-megawatt solar power plant on an area of 250 hectares.
The provincial leaders appreciated Kimin Power’s plans, which will help to meet demand for power in the central region in general and Quang Ngai in particular.
Besides, if the project is implemented, it will create jobs and contribute to the local budget, while simultaneously picking a more sustainable alternative to coal-fired power plants.
Vietnam’s private group Thien Tan has also been developing a 19.2MW solar power project in Quang Ngai. The construction was kicked off in August 2015, with the total investment of nearly $41 million.
Along with Kimin Power, in October 2015, other English investors, G.T. & Associates and Marshall & Street Ltd., proposed building a solar power plant for $225 million in the neighbouring province of Quang Nam.
The first phrase of the plant, worth approximately $75 million, will have a capacity to produce 50MW of power, while the second phrase, valued at $150 million, will produce an additional 100MW. However, as of now, construction has yet to be implemented.
Kimin Power is a company dedicated to the development of renewable energy projects, with the main focus being on solar, wind, hydro, and waste to biomass plants.
The company has implemented numerous projects in the United Kingdom as well as countries across the world, including solar pipeline projects in Vietnam, Ghana, India, Sri Lanka, Bangladesh, and Kenya, and biomass pipeline projects in Croatia, the US, India, and Bangladesh.
In addition, the company currently co-operates with large partners, including Orta Solar Group, GIB Steel Group, Hanstone Energy Limited, and British Solar Renewable Group.
