US firm eyes investment in renewable energy in Binh Duong
The US ACO Investment Group wants to implement renewable energy projects in Vietnam’s southern province of Binh Duong, Chairman and CEO of the group Hari Achuthan said at a working session with local authorities on February 22.
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He noted that the company is devising projects on two renewable energy plants in Vietnam, including the first solar power factory in Phuoc Dinh commune (Thuan Nam district) and Vinh Hai commune (Ninh Hai district) in the south central province of Ninh Thuan.
The construction of the plant, which is designed with a capacity of 100 MW and a total investment of US$150 million, will be commenced in the third quarter of 2017 and put into operation in July 2018.
The US group hopes to cooperate with Binh Duong to build a solar lighting system instead of the current high-pressure lamps, he said.
Vice Chairman of the provincial People’s Committee Tran Thanh Liem welcomed the US firm to invest in renewable energy projects.
With over 10,000 hectare of industrial land, Binh Duong is a suitable location to build a solar power plant, he said.
Along with Hanoi, Ho Chi Minh City, and Dong Nai, Binh Duong has a high consumption of over 1 billion kWh of electricity each year. The power demand for production always surge, estimated at 12% per annum, he noted.
Binh Duong is also one of the five leading cities and provinces nationwide in drawing foreign direct investment with over 2,800 FDI projects worth US$25.5 billion.
In 2016, the locality attracted more than US$2 billion in FDI, including over US$1.3 billion from 240 newly-licensed projects and US$675 million of capital increase from 123 existing ones.
