Terra Wood eyes $400 million renewable energy projects in Quang Ngai

Ho Chi Minh City-based Terra Wood is planning to develop two renewable energy plants in the central province of Quang Ngai to tap into the local wind and solar resources.

At a meeting with Tran Ngoc Cang on August 3, leaders of Terra Wood said that the firm is seeking suitable locations for a wind-to-power and a solar power plant.

“The plants will have a total capacity of 300MW, or 150MW each. They will cost around $400 million in total, that is, $200 million each. We need nearly 300 hectares for a project,” said a board member from Terra Wood.

“Once getting the green light from local authorities, we will study the locations and build investment plans as soon as possible,” he added.

Cang, in response, said that he agreed to  firm’s investment plans in principle, and allowed it to study the locations, as well as build detailed investment plans for the two projects. He proposed some locations, including Mo Duc and Duc Pho districts, and Ly Son Island, for the projects.

He assigned the Department of Industry and Trade to cooperate with the Department of Planning and Investment and relevant agencies in supporting the firm to submit the detailed investment plans to the people’s committee for approval.

According to local authorities, the province is offering some incentives to investors in the field.

In 2015, Thien Tan Group tapped into Quang Ngai’s renewable energy potential for the first time, by kicking off the construction of Vietnam’s first large-scale solar power plant. Worth a total of VND900 billion ($41.1 million) and stretching across 24 hectares in Mo Duc district, the plant has a designed processing capacity of 19.2 MW.

The province is calling on private and foreign investors to join its renewable energy development initiative, which needs an estimated capital investment of over VND3.54 trillion ($161.64 million) by 2030.

Source: VIR