Renewable energy projects up in 10 months
An average of nine projects in power generation and distribution were registered every month since June 2017, according to the Vietnam Renewable Energy Report 2018.
(Photo: VNS/VNA) Hanoi (VNS/VNA) - An average of nine projects in power generation and distribution were registered every month since June 2017, according to the Vietnam Renewable Energy Report 2018.
The report was released by the
financial and business information corporation, Stoxplus.
StoxPlus has identified 245
renewable energy projects in Vietnam at the moment, including wind and solar
power as well as biomass electricity, which are being deployed at different
stages.
If all these projects begin
operation, the total capacity of the country’s renewable energy should reach
23.2 GW, which is nearly 10 times higher than the target of 2.65 GW by 2020 as
indicated in the Revised National Master Power Plan VII, effective March 18,
2016.
However, of the total projects, only
19 percent have reached the construction stage and 8 percent have begun
operation. Most projects are still in the preparation phase.
Vu My Dung, senior analyst at
Stoxplus, said the lack of comprehensive information was the first challenge
for investors and developers to maneouvre renewable energy opportunities. Even
though information about renewable energy projects in Vietnam has been
floating around the market, there is no clear information on the number of
projects or development status, creating confusion and uncertainty among
investors, developers and other stakeholders, Dung said.
Moreover, although many projects were
announced, their progress has been slow due to challenges in the operational
phase, such as credibility of the power purchase agreement and lack of credit
rating of Vietnam Electricity, besides other operational risks.
To address the bottlenecks and facilitate
the completion of projects before June 2019, Dung suggests the model of
domestic-foreign joint venture.
Foreign partners can make up for the deficit of technology, experience and financial capacity that domestic partners are facing. They can choose to increase their investment in each phase of the project until they hold 100 percent of the joint venture capital for better control and management.
Foreign partners can make up for the deficit of technology, experience and financial capacity that domestic partners are facing. They can choose to increase their investment in each phase of the project until they hold 100 percent of the joint venture capital for better control and management.
The cooperation between BIM Group
and the Philippines’s Ayala’s AC Energy is one example. This joint venture is
for a 300 MW solar power project in the south-central coastal province of
Ninh Thuan. While BIM Group deals with the legal issues, AC Energy provides
technology and financial solutions. The project is expected to be complete this
year.-VNS/VNA
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