Vietnam, Binh Thuan: The Electricity of Vietnam- the country’s single off-taker - officially announced that the Vinh Hao 6 solar power plant in the Vietnamese province Binh Thuan has reached Commercial Operation Date (COD) after completing a series of necessary tests and commissioning procedures.
ACWA Power, a leading international developer and operator and FECON, a Vietnamese enterprise in infrastructure construction have jointly invested in this USD 58 million Vinh Hao 6 PV IPP constructed on an area of 60 ha. The plant has a design capacity of 50MWp to provide 83 million KWh/year to the national grid.
Commencing construction on October 2018, the plant was energized on June 7, 2019 and receive the Commercial Operation Date (COD) certificate on June 18, 2019 becoming the first project in the Binh Thuan province to pass the conditional test and start energizing the same day. Then on June 18, well ahead of the June 30, 2019 deadline for plants to dispatch at the tariff of 9.35 cents/kWh for 20 years, the Vinh Hao 6 solar power plant reached COD before the deadline of June 30, 2019, operating at a tariff of 9.35 cents /kWhm
Paddy Padmanathan, President and CEO of ACWA Power said: “We are honored to have been chosen by the Province and trusted with the delivery of Vinh Hao 6 based on our considerable international expertise in the solar power generation sector. Reaching COD before our designated deadline is a testament of our dedication and robust partnership with FECON – opening doors for and solidifying successful collaborations down the line."
"Vinh Hao is our first renewable energy project in Vietnam and we aspire to build on this foundation a strong portfolio of renewable energy projects across the region to play a growing role in diversifying the energy mix of communities and nations transition to an economy centered on sustainable energy resources. We look forward to the commencement of construction of Nam Dinh 1 BOT project later this year which will represent our next step in partnering with the people and the Government of Vietnam to address the power shortage currently faced and achieve the country’s development goals”, Padmanathan added.
Rajit Nanda, Chief Investment Officer of ACWA Power said: “Vietnam is seen as one of our strategic market with growth opportunities that will allow us to expand our footprint in the region as the government is quite keen to attract investments in solar and wind projects to embed clean energy sources into its energy mix. A tremendous amount of untapped solar energy resource potential exists in Vietnam and so we are pleased to have officially commenced operations of Vinh Hao 6 to contribute to the government’s target of reaching 20 percent solar capacity by the year 2050.”
Vino Hao 6 is the first power plant invested and developed by ACWA Power in Vietnam to reach COD. This is also the first cooperation between ACWA Power and FECON, in the context of the policy of Vietnamese Government promoting the development of renewable energy.
In addition to Vinh Hao 6, ACWA Power and FECON are discussing the implementation of Vinh Hao 6 phase 2 and other wind projects in nearby provinces.
About ACWA Power:
ACWA Power is a developer, investor and operator of a portfolio of power generation and desalinated water production plants currently with presence in 11 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power employs over 3,500 people with about 60% local employment. ACWA Power’s portfolio, with an investment value in excess of USD 45 billion, can generate 30+ GW of power and produce 4.8 million m3 /day of desalinated water to be mostly delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.
ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
ACWA Power pursues a mission to reliably deliver electricity and desalinated water at a low cost, thereby contributing to the social and economic development of the communities and countries it invests in and serves.
ACWA Power strives to achieve success by adhering to the values of Safety, People and Performance in operating its business. For more info, please visit www.acwapower.com.
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