Canada-based CMX Renewable Energy has announced plans to expand presence in the south-east Asian country of Vietnam.
According to media reports, CMX Renewable Energy has proposed to set up a large-scale solar power project in Vietnam. Company officials attended a meeting with Ninh Thuan’s People’s Committee recently and proposed to set up 150 MW solar photovoltaic power project in the province of Ninh Thuan.
As per the proposal, CMX Renewable Energy will invest $150 million to set up the project over an area of 250 hectares. The company has also proposed to supply 1% of the electricity generated to the local community free of charge.
Vietnam’s solar power market remains largely undeveloped but holds immense potential. Of late, several foreign companies have announced plans to expand solar power power infrastructure in the country.
South Korean company Hanwha is believed to have been planning a 100-200 MW solar power project in the country. US-based First Solar is also looking to enter the country through partnership with a local company.
Vietnam plans to increase solar power installed capacity to 840 MW by 2020. At present, one utility-scale solar power project is under construction in the country. The 19.2 MW capacity is expected to be commissioned next year. The country has set a target to reduce greenhouse gas emissions by 8% by 2030 compared to business-as-usual scenario. The government has pledged to increase this target to 25% with international support.