A fresh solar power project has been proposed in Vietnam which has become a very attractive destination for solar power investors in the last few months.
According to media reports, AirCraft Company Vietnam-Germany GBR has proposed to set up 100 MW solar power project in the Quang Tri province. The project is expected to require a total investment of $200 million.
The provincial government has confirmed that the company submitted a plan to explore the possibility of setting up such a power plant. The project is expected to receive funding from the German development bank KfW.
Several private investors from around the world have expressed interest in setting up solar power projects in various provinces of Vietnam. The government is now considering incentives for such investors to speed up the development of solar power market in the country.
Earlier this year, Canada-based CMX Renewable Energy announced plans to set up a 150 MW solar power project in the Ninh Thuan province.
Vietnam has an ambitious target to add renewable energy capacity. According to the current national plan, the government plans to increase hydropower capacity from 17,000 MW at present to 21,600 MW by 2020 and 27,800 MW by 2030. Wind energy capacity is envisaged to be increased from current 140 MW to 800 MW by 2020 and 6,000 MW by 2030. The government has set a target to increase installed solar power capacity from current 850 MW to 4,000 MW by the end of this decade and 12,000 MW by the end of next.