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Risen Energy signs first contract in Vietnam

Released at: 10:30, 28/09/2018

Risen Energy signs first contract in Vietnam

Photo: Risen Energy

Chinese PV module manufacturer signs 61 MW power purchase agreement project in south-central Ninh Thuan province with Vietnam's Tasco.

by Doanh Doanh

The China-based PV module manufacturer Risen Energy has signed a contract for a 61 MW power purchase agreement (PPA) project in south-central Ninh Thuan province with Vietnam’s Tasco. The project is Risen Energy’s first PV power station in Vietnam as well as one of the first PPA projects in the country.

The project will play a benchmarking role in the Chinese company’s future expansion into Vietnam. Construction of the facility is expected to begin in September, with local government leaders from Ninh Thuan and senior executives from Risen Energy, including its president Mr. Wang Hong, scheduled to attend the breaking ground ceremony.

“Risen Energy’s participation in the project will allow the market to fully understand our core advantages, including technologies and experience in engineering, procurement, and construction (EPC),” said a representative from Risen Energy. “Vietnam is an important emerging market for the company. Through participation in the construction, we will gain precious experience in how to plan and execute a project in Vietnam, creating a development model that can be used as a reference for future endeavors.”

With Vietnam’s economic reform in full swing, the country has experienced an average growth rate of 17 per cent in energy demand over the last few years. It now relies heavily on hydro and thermal power to generate electricity. Yet solar energy reserves abound, with average daily solar radiation of 5 kWh per sq m, making Vietnam a PV power market with huge potential. The government is also aggressively driving development of the PV market. According to the national electricity master plan it put in place in 2016, PV installation capacity is expected to reach 850 MW by 2020, 4,000 MW by 2025, and 12,000 MW by 2030.

Risen Energy plans to take full advantage of the development opportunities in the country’s emerging PV market, accelerating its expansion plans. The company has already established a Vietnam-based subsidiary, aggressively investing in the establishment of power stations across the country, where there are apparent geophysical advantages, and offering local companies an opportunity to participate in the EPC component of its projects.

It said the Ninh Thuan facility will be outfitted with 330 W high-efficiency polycrystalline modules as they are more suited to local environmental conditions and construction needs, laying an important technological foundation for the project’s successful construction and operation. The project is on schedule to be connected to the grid in 2019.

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