Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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 0.17% 47.71 Delayed Quote.-27.73%
NATIONAL GRID PLC -1.01% 864.2 Delayed Quote.-7.47%
WTI 0.29% 45.26 Delayed Quote.-26.73%
Latest news "Economy & Forex"
10:11aBank of Israel holds key rate, sees optimism over COVID-19 vaccine
RE
10:07aBank of Jamaica 14-Day Repo Auction Announcement 30 Nov 2020
PU
10:07aBOARD OF GOVERNORS OF FEDERAL RESERVE SYSTEM : Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
PU
10:04aBitcoin hits record high after steep fall last week
RE
10:04aBiden names top economic advisers, setting state for more diverse White House
RE
10:04aOil prices fall as OPEC+ members debate 2021 output policy
RE
10:02aGlobal stock markets set for best month ever; gold and dollar pay the price
RE
10:01aAlgeria energy min says opec will work to convince other opec+ members on 3-month rollover -aps
RE
10:00aPhilips expands its healthcare customer services portfolio with the introduction of integrated Cybersecurity Services
GL
09:59aAlgeria energy min says there is consensus among opec members to extend current oil cuts by 3 months -aps
RE
Latest news "Economy & Forex"