US firm eyes investment in renewable energy

United States’ ACO Investment Group has expressed interest in implementing renewable energy projects in Viet Nam’s southern province of Binh Duong.

This was revealed by chairman and CEO of the group Hari Achuthan at a working session with local authorities on February 22.

He noted that the company was devising projects for two renewable energy plants in the country, including the first solar power factory in Phuoc Dinh Commune (Thuan Nam District) and Vinh Hai Commune (Ninh Hai District) in the south central province of Ninh Thuan.

The construction of the plant, which is designed with capacity of 100 MW and total investment of US$150 million, will begin in the third quarter of 2017. The plant will be put into operation in July 2018.

The US group hopes to cooperate with Binh Duong to build a solar lighting system instead of the current high-pressure lamps.

Tran Thanh Liem, vice chairman of the provincial People’s Committee, welcomed the American firm’s plans to invest in renewable energy projects.

“With over 10,000ha of industrial land, Binh Duong is a suitable location to build a solar power plant,” he said.

Along with Ha Noi, HCM City and Dong Nai, Binh Duong has high consumption of over one billion kWh of electricity per year. The power demand for production is always high, estimated at 12 per cent per annum, he noted.

Binh Duong is also one of the five leading cities and provinces nationwide in drawing foreign direct investment (FDI), with over 2,800 FDI projects worth $25.5 billion.

In 2016, the locality attracted more than $2 billion in FDI, including over $1.3 billion from 240 newly-licensed projects and $675 million through an increase in capital from 123 existing projects.

Source: VNS