Sunseap has begun the construction process of a 168 MW PV plant in southern Vietnam. The total costs for the project amount to $150 million, and according to the Singapore based project developer, it will be the largest upon completion in June 2019.
Provided this grid connection deadline is met, the project, which is owned by a joint venture between Sunseap, InfraCo Asia and CMX Renewable Energy Canada Inc, will sell electricity into Vietnam’s grid at the mandated feed in tariff rate of $0.0935/kWh for a period of 20 years.
“We are excited to reach another important milestone in this solar project for Vietnam and Suneap,” said Co-founder Fran Phuan. “It is testament to the government’s commitment to promoting renewable energy and to supporting foreign investments in this sector.”
The joint venture, established in February, gives Sunseap a majority stake in the project, with InfraCo and CMX RE Canada – which is an existing development partner of Sunseap, joining as minority partners.
Vietnam’s government has issued a target for 12 GW of PV to be installed by 2030, and a steady flow of utility scale projects has been announced so far in 2018, as well as strong demand coming from the residential sector.