By 2020, TTC plans to reach a capacity of 1,000MW of solar power and 40MW of wind power
TTC Group plans to develop 20 solar power projects nationwide with a total capacity of 1,000MW by 2020.
The information was revealed in the TTC’s conference for customers in the energy sector held in HCM City last week.
Solar energy is one of the four major segments of the firm’s investments in renewable energy, besides hydro, wind and thermal power.
Thái Văn Chuyên, the firm’s CEO, said that the group would spend about US$1 billion on several potential projects including Thành Long solar power plant on 37ha, TTC Tân Hưng solar power plant on 68ha and Tanisugar Tân Phú on 75ha.
Under the plan, TTC will deploy 20 solar power projects in the southern province of Tây Ninh, the southern coastal provinces of Bình Thuận andNinh Thuận, Huế ancient city in the central province of Thừa Thiên-Huếand the Tây Nguyên (Central Highlands) province of Gia Lai with the maximum investment capital of VNĐ20 billion ($881,000) per MW, internal rate of return of at least 15 per cent and payback period less than 12 years, Chuyên added.
These projects are scheduled to start from the fourth quarter of this year.
As regards capital issue, TTC will contribute 30 per cent of the capital, the rest will be mobilised from banks and financial institutions.
By 2020, TTC hopes to reach a capacity of 1,000MW in solar power and 40MW in wind power, accounting for 73 per cent of the group’s total energy portfolio.
In Việt Nam, renewable energy resources are mainly hydropower. It is projected that by 2025, the country will need to invest $74 billion in power plants to meet growing demand.
The Government has pledged to increase electricity capacity by 14 per cent per year from 2015 to 2030.
TTC is one of the leading companies in Việt Nam’s sugar industry, holding a controlling stake in many large sugar companies. — VNS