Chinese tier-1 manufacturer Seraphim announced plans for a new factory in Vietnam. The module assembly facility will have 750 MW total capacity and is expected to serve both local and international demand.
The latest edition of the accountant’s renewables attractiveness index has placed the nation in top spot for photovoltaics, helping it to fourth spot for overall clean energy investment. Mexico has been hammered by the government’s attitude to clean power and France has also slipped, four places.
Analyst WoodMac says South Korea, Thailand and Vietnam will also join India and Australia next year, among the nations where clean energy projects are cheaper than new coal power plants.
The development process for ground-mounted utility scale solar projects in Vietnam is laborious, time-consuming, expensive and still largely difficult to navigate for foreign developers without entering a strategic partnership, in whatever form, with a local Vietnamese counterpart.
Vietnam has now effectively overtaken Thailand as the largest solar market in Southeast Asia in terms of installed solar operational capacity, with more than 6,314 MW installed up to September 2020. Many hundreds of MWs of solar projects are also still under construction or development. However, its solar (and other renewable energy) M&A activity has developed very slowly to date. There are many reasons to expect that this is about to change, but before we examine them, let us review the main factors behind this sluggish tempo.
With the International Energy Agency publishing its latest five-year clean energy forecast today, pv magazine takes a look at the solar content of the 162-page document.
The Vietnamese renewables industry has been flourishing lately. Taking the example of the solar sector, the installed capacity increased from barely 134 MW in 2018 up to 6,000 MW in 2020. Vietnam has definitely emerged as one of the most active countries in South-East Asia and with the merit of diversifying its energy mix. They added capacity not only in solar – utility scale, commercial & industrial (C&I) rooftop – but also onshore/nearshore wind, hydro and to some extent biomass energy projects. Vietnam has shown levels of dynamism which has attracted initial investor interest.
Last Friday, the German development agency Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) officially released its “RTS – Technical and Administrative Guidelines for Commercial and Industrial Projects” to further support the development of rooftop solar (RTS) in Vietnam. Earlier in the week in a JinkoSolar-organized webinar, Tuan A. Nguyen of the Ministry of Industry and Trade’s (MOIT) Institute of Energy provided an update on Vietnam’s growing PV market and especially the RTS segment. Mr. Tuan also coauthored the RTS Guidelines for C&I Projects.
Doubling down on renewable energy investment and energy transition spending is required to ensure a truly green global recovery from the Covid-19 crisis and its economic aftershock, claims the International Renewable Energy Agency.
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