Vietnam attracts clean energy investors

Vietnam has become the attractive destination for foreign clean energy investors with shortage in energy and willingness to develop clean energy sources.

The First Solar group of USaims to make more profits with the low-cost solar cell technology, about 78 cents per watt, in building a solar panel factory in HCM City in March.

The project by First Solar to increase the capacity from 1.4GW to 2.7GW, which is expected to create 600 jobs in Vietnam, has the total investment capital of one billion dollars. IC Energy has also set up a solar panel factory in the Chu Lai Open Economic Zone with the investment capital of more than 390 million dollars. Meanwhile, German Roth&Rau has also invested 275 billion dong in a factory in the Hoa Lac High-Tech Park.

A lot of other large-scaled wind power projects in Vietnam have also been kicked off. The 99MW wind power plant in Bac Lieu province has the total investment capital of 4500 billion dong. One of the biggest equipment suppliers of the project is the US-based GE Group. A project on wind power plant in Tra Vinh province has been developed by German EAB, which is expected to have the capacity of 30MW. Meanwhile, a project in Soc Trang is expected to have the capacity of 300MW when becoming operational.

Meanwhile, sources say that the US Cenergy Power is moving ahead with the solar energy projects in the two islands of Cat Hai and Bach Long Vi.

A World Bank’s survey on the energy for Asia conducted in 2010, shows that Vietnam has great advantages to make wind power with the total potential capacity of 500,000 MW, which is 200 times higher than the capacity of Son La hydropower plant and 10 times higher than the forecast total electricity capacity to be reached by 2020.

Vietnam has 8.6 percent of its area which is believed to have “good” and “very good” potentials to set up big-scaled wind power stations, and more than 40 percent of land in rural areas for small-scaled stations.