Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Vietnam firm launches country's largest solar farm amid renewables drive

10/12/2020 | 07:10am EST
Panels are seen at a solar power farm of Trung Nam group in Ninh Thuan province

HANOI (Reuters) - Vietnam's Trung Nam Group on Monday launched a 450-megawatt solar farm, the largest of its kind in the Southeast Asian country, which is seeking to boost the proportion of renewables while reducing dependence on coal in its power mix.

Located in the central coastal province of Ninh Thuan, the 14 trillion dong ($604 million) solar farm is hooked up to the national grid via a 17 km (10.6 miles) transmission line, also built by Trung Nam, the private firm said in a statement.

Facing an imminent electricity shortage, Vietnam is developing renewables, along with LNG-to-power and coal-based projects, as hydropower has been almost fully tapped while oil and gas production has peaked. Plans to build nuclear power plants were scrapped in 2016.

Vietnam plans to raise the proportion of solar and wind energy in its power mix to 15%-20% by 2030 and to 25%-30% by 2045, from 10% currently.

The company said the solar farm, along with its other solar and wind power projects, will help ease the country's imminent power shortage and diversify power sources.

"Vietnam's solar and wind energy potential is immense and the country is on the right track to rapidly and effectively tap this potential," Trung Nam chief executive officer Nguyen Tam Tien said.

Trung Nam said it was also looking to develop LNG-to-power projects, noting it will initially build a terminal in Ninh Thuan to facilitate the imports of liquefied natural gas for future power plants in the area.

Vietnam is also building a fleet of LNG-to-power plants, with the first to be operational by 2023, an ambitious move that could turn LNG into a major energy source for the country.

($1 = 23,178 dong)

(Reporting by Khanh Vu; Editing by Ed Davies)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 1.66% 49.6 Delayed Quote.-28.42%
NATIONAL GRID PLC -0.60% 858.6 Delayed Quote.-8.55%
WTI 1.49% 46.35 Delayed Quote.-28.04%
Latest news "Economy & Forex"
12:17aNEWS HIGHLIGHTS : Top Financial Services News of the Day
12:17aENVIRONMENT OREGON : Plastics and climate change
12:14aGrab tells staff it's 'in a position to acquire' as Gojek merger talk swirls
12:09aU.S. expected to report slowest job growth in six months
12:05aUnited States adds China's SMIC and CNOOC to Defense blacklist
12:05aJapan to set up subsidies for regional banks to cope with COVID-19 - draft
12:02aGold on track for weekly gain as U.S. stimulus hopes dent dollar
12:01aChina rattles its sabre, but still needs Aussie ore
12/03EUROPEAN UNION : Declaration by the High Representative on behalf of the EU on the alignment of certain countries concerning restrictive measures against Iran
12/03CENTRAL BANK OF REPUBLIC OF AZERBAIJAN : Shared ATM network of commercial banks put into operation at the initiative of the Central Bank
Latest news "Economy & Forex"