Vietnam could be poised to drastically accelerate its domestic solar PV market, with a reported $3.3 billion worth of projects last weekend given the go-ahead, according to Reuters.
Reports suggest that close to 3 GW of solar PV capacity could be constructed in the Vietnamese province of Dak Lak over the next few years, most notably in the form of a 2 GW solar PV plant to be developed by Vietnamese power firm Xuan Thien Daklak.
The proposed 2 GW plant would be located in the province’s Central Highlands, says Reuters, and has already been granted a provincial government licence. Investment in the plant is likely to reach more than $2.2 billion.
Meanwhile, the local government also granted a Memorandum of Understanding (MoU) to U.S. power developer AES Corporation for a proposed 300 to 500 MW solar farm, which will attract investment of $750 million.
Further government licences were granted to South Korean developer Solar Park Global, which is eyeing a $45 million PV project in Vietnam, and local developer Long Thanh Infrastructure Development and Investment Company, which has outlined plans to build a 250 MW solar installation in the country.
Vietnam’s solar journey thus far has largely been rooted in its attractiveness as a manufacturing hub for large Chinese firms. GCL, for example, recently invested in a 600 MW cell fab in the country, following on from JA Solar’s $320 million investment in a solar cell facility in November. However, local media has reported that construction of this factory has been halted because the local Bac Giang Province government gave the go-ahead without first securing the proper construction or environmental permits. Work is expected to resume at the site later this Spring once the proper paperwork has been filed, reports suggest.