Gavin Smith, general director of Dragon Capital, announced plans to build a solar power project with an initial capital of VND1 trillion ($44 million) and a designed capacity of 40 MW in the Mekong city of Can Tho at the working session with representatives of the Can Tho People's Committee on July 25.
The construction is expected to be kicked off in the first quarter of 2018 and completed by 2019.
At present, the group can arrange capital for implementing the project, including its equity capital and loans, however, the specific time to kick-off the construction depends on land clearance and the completion of administrative procedures.
Smith proposed the city to supply an area of 40-50 hectares to implement the project. After the first phase comes into operation, they will continue to develop the second phase and even the third phase.
After the working session, the group will begin conducting the feasibility study.
Early in June, Hanwha and BCG Bang Duong inked a deal to develop a US$100-million solar power project in the southern province of Long An.
Covering an area of 125 hectares in the province, the solar power plant will boast a total designed capacity of 100 MW. The plant is scheduled to be built in the first quarter of 2018 and will generate electricity as soon as in 2019.
Under the agreement, BCG will arrange capital sources, carry out the necessary procedures, study and implement the project, as well as negotiate and sign a power purchase contract with EVN.
Meanwhile, Hanwha will be responsible for providing technology, equipment, engineering, installation, and arranging international financial funds.
As a tropical country, Vietnam has enormous advantages and holds ample potential for solar energy.
The country's residential and commercial solar energy production is estimated to be at least 2-5GW over the next decade.
The capacity of ground solar systems in the south of Vietnam amounted to about 22GW.
Accessing this new source of energy not only contributes to the energy supply, but also helps save energy and reduce environmental pollution.