Saudi Arabia firms eye renewable energy projects

VOV.VN - FECON Corporation and ACWA Power, a Saudi Arabian company, signed on July 3 a memorandum of understanding (MoU) on cooperation to develop renewable energy projects in Vietnam.

Under the MoU, both sides will study and evaluate opportunities and potential for renewable energy investment, especially wind and solar power projects, in some southern central provinces such as Binh Thuan and Ninh Thuan. After that, they will set up a joint venture to make investment.

A FECON representative said Vietnam is the first Southeast Asian nation that ACWA Power has chosen to invest in renewable energy projects. 

The partnership with ACWA Power is part of the Vietnamese firm’s road map to become a leading infrastructure business by 2020.

ACWA Power is a developer, investor, operator and co-owner of electricity plants in 12 countries in the Middle East, North Africa, South Africa and Southeast Asia.

According to Vietnam’s national electricity development plan and renewable energy development strategy, the country aims to raise the rate of electricity produced by renewable energy sources, excluding big and medium hydropower and pumped storage hydropower, to 7% by 2020 and more than 10% by 2030, with a focus on wind and solar power.