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Vietnam, Saudi Arabia firms partner to develop renewable energy

FECON Corporation and ACWA Power, a Saudi Arabian company, signed on July 3 a memorandum of understanding (MoU) on cooperation to develop renewable energy projects in Vietnam.
Vietnam, Saudi Arabia firms partner to develop renewable energy ảnh 1Wind power turbines (Photo: VNA)

Hanoi (VNA) – FECON Corporation and ACWA Power, aSaudi Arabian company, signed on July 3 a memorandum of understanding (MoU) oncooperation to develop renewable energy projects in Vietnam.

A FECON representative said Vietnam is the firstSoutheast Asian nation that ACWA Power chooses to invest in renewable energyprojects. 

Under this MoU, the two sides will study andevaluate opportunities in and potential for renewable energy investment,especially wind and solar power projects, in some southern central provincessuch as Binh Thuan and Ninh Thuan. After that, they will set up a joint ventureto make investment.

The partnership with ACWA Power is part of theVietnamese firm’s road map to become a leading infrastructure business by 2020,according to the FECON representative.

[Vietnam kicks off update of NDCs to realise Paris Agreement]
ACWA Power is a developer, investor, operatorand co-owner of electricity plants in 12 countries in the Middle East, NorthAfrica, South Africa and Southeast Asia.

In Vietnam, it formed a joint venture with theRepublic of Korea’s Taekwang Group to invest 2.3 billion USD in a thermal powerfactory in Nam Dinh province.

According to Vietnam’s national electricitydevelopment plan and renewable energy development strategy, the country aims toraise the rate of electricity produced by renewable energy sources, excludingbig and medium hydropower and pumped storage hydropower, to 7 percent by 2020and over 10 percent by 2030, with a focus on wind and solar power.

The country is also offering a number ofincentives for investors in this field.-VNA
VNA
#FECON Corporation #ACWA Power #renewable energy #renewable energy projects in Vietnam #wind power #solar power #hydropower #Vietnam #Vietnamese #Vietnam news #updated Vietnam news #Vietnamplus #Vietnam News Agency Saudi Arabia
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