Vietnam’s TTC Group plans up to 1GW of solar parks - reports

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
One company arm TTC Sugar will develop 200MW of the solar projects, while TTC Group’s Gia Lai Electricity JSC unit will develop 800MW reported Bloomberg. Flickr: M M

Ho Chi Minh City-based conglomerate TTC Group plans to spend up to US$1 billion on 10 to 20 solar parks with a combined capacity of around 1GW, according to Bloomberg.

Bloomberg cited TTC Group chief executive Thai Van Chuyen as saying that solar is major topic in Vietnam at present due to the recent pricing set by the government, which brings costs below that of coal-fired power plants.

However, while the new feed-in tariff and draft power purchase agreement (PPA) templates for solar generated significant interest across the industry, PV Tech has seen documents from a range of international chambers of commerce advising the Vietnamese government that its draft solar PPA is “non-bankable”, and citing further issues with currency risk around the FiT. International law firm Baker McKenzie had earlier voiced its concerns about the so-called 'non-negotiable' draft.

Bloomberg reported that TTC is planning to invest 30% of the funds needed for the solar parks and is in talks with banks and financiers for the rest of the required funding. TTC is also looking to have the solar parks in operation in 2018.

One company arm TTC Sugar will develop 200MW of the solar projects, while TTC Group’s Gia Lai Electricity JSC unit will develop 800MW.

TTC Group works across the sugar, energy, real estate and tourism industries.

Read Next

July 13, 2021
Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.
July 7, 2021
The proven ability to install large-scale floating PV plants on water bodies across Southeast Asia means financing should be readily available for new projects, it was suggested during a panel discussion today.
May 26, 2021
Swiss infrastructure fund manager SUSI Partners has raised US$81 million to tap into the fast-growing renewables sector in Southeast Asia.
May 25, 2021
Singaporean utility company SP Group has signed a memorandum of understanding with BCG Energy, a holding subsidiary of Vietnamese investor Bamboo Capital, to support the development of new renewable energy projects in the country.
May 18, 2021
Indian authorities have launched an anti-dumping investigation into imports of solar cells from China, Thailand and Vietnam following an application filed by the Indian Solar Manufacturers Association.
PV Tech Premium
April 30, 2021
‘Solar Module Super League’ (SMSL) member First Solar has hit a nameplate Series 6 CdTe thin film manufacturing capacity of 7.9GW in the first quarter of 2021, after ramping its second and last converted factory in Malaysia.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021