The annual amount of electricity generated is expected to 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 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.
Lawrence Wu, Co-Founder and Director of Sunseap, said, “We are delighted to have received the support of InfraCo Asia for our first project in Vietnam. We see huge potential for solar energy development in Vietnam and are excited to bring affordable and reliable clean energy to the country.”
Allard Nooy, CEO of InfraCo Asia, said, “The Ninh Thuan project will be one of the first large-scale solar projects in the country to go online. It will support Vietnam – which is currently reliant on coal – in creating a cleaner energy mix for the future. “
Electricity demand in Vietnam is growing 12 percent annually. According to the Vietnamese Government’s targets, solar power is expected to become the main new renewable energy source in the future, with installed capacity to be increased from around 6-7 MW at end of 2017 to 850 MW by 2020, accounting for 1.6 percent of the country’s power generation and 12,000 MW by 2030 or 3.3 percent of the country’s power generation.
