Sunseap Receives Approval for $150 million Solar Project in Vietnam

Sunseap International, a unit of Singapore’s Sunseap Group, has received the green light for a $150 million solar farm in Vietnam. The company stated it is the largest in the country to-date.
Sunseap Receives Approval for $150 million Solar Project in Vietnam

The issuance of the Decision on Land Handover (Phase 1) for the 168 MWp solar project in the Ninh Thuan province coincided with the Vietnam - Singapore Business Dialogue 2018, held in Singapore.

The project represents the largest solar collaboration between Singapore and Vietnam and is expected to break ground in mid-2018 before going into commercial operation by June of 2019. Once completed, it is expected to generate enough electricity to power up to 200,000 households in Vietnam and create permanent jobs for over 200 workers.

Under the investment agreement, Sunseap, together with its joint-venture partners InfraCo Asia – an infrastructure development and investment company of the Private Infrastructure Development Group, and CMX Renewable Energy Canada Inc. – a solar developer based in Canada, will be allowed to sell solar power generated by its solar farm to Vietnam’s national grid at the mandated solar feed-in tariff of 9.35 US cents/kilowatt hour for the next 20 years provided they complete the delivery of the clean energy to the grid by June of 2019.

Frank Phuan, Co-Founder and Chief Executive Officer of Sunseap, said, “This is the largest project to-date for Sunseap and we are honored to be able to participate in the greening of Vietnam. The Vietnam solar farm project is in line with our vision to conserve the environment, and at the same time contribute to communities across Asia.”

Mr. Luu Xuan Vinh, Chairman of Ninh Thuan Provincial People’s Committee, said, ”We are confident that this project will act as a catalyst for more foreign investments into Vietnam and look forward especially to greater collaboration with Singapore enterprises.”

Enterprise Singapore, the Singaporean government agency championing enterprise development, supported Sunseap in developing its new technologies and helped develop its manpower capabilities in its expansion into Southeast Asia. Enterprise Singapore supported Sunseap in connecting the company with industry stakeholders, including local and international financiers.

Tan Soon Kim, Assistant Chief Executive Officer, Enterprise Singapore, said, “We have seen traction in renewable energy projects in Vietnam, particularly in the solar energy sector. We hope to partner more companies to tap these growing opportunities in the market.”

Photo: Sunseap Group's Co-Founder and CEO, Mr Frank Phuan, with Vietnam's
Prime Minister, His Excellency Nguyen Xuan Phuc

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