Canadian company CMX Renewable Energy Inc has sought a license to build a 150-megawatt solar powerplant in the central province of Ninh Thuan at an estimated cost of $150 million, newswire Thanhniennews.com reported.
CMX is the latest foreign investor to have expressed interest in setting up a solar energyproduction unit in Vietnam after the government said that it is drafting policies to encourage private investment in the sector.
According to one of the plans being considered by the government, state company Electricity of Vietnam and other electricity distributors will be obliged to buy all the output from solar power plants in 10-20 years, the government’s website reported.
The country’s first solar power plant is expected to start functioning next year. It is a 19.2-megawatt plant being built in the central province of Quang Ngai by Vietnamese investor Thien Tan Group at an estimated VND862 billion ($36.12 million).
Last year South Korea’s SolarPark Korea sought to build a 300-megawatt plant in another central province, Ha Tinh, at $650 million.
Another Korean investor, Hanwha, also reportedly plans to invest $200 million in developing a 100-200-megawatt plant in Thua Thien-Hue.