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TTC to develop 20 solar power plants

Released at: 11:52, 01/07/2017

TTC to develop 20 solar power plants

Photo: Vu Phong Solar

Solar joins hydropower, wind power, and thermal power in Thanh Thanh Cong Group's energy portfolio.

by Tue Lam

The Thanh Thanh Cong Group (TTC Group) will develop 20 solar power projects with a capacity of 1,000 MW by 2020, Chairman Mr. Dang Van Thanh said at the group’s Conference of Energy Sector Customers held on June 30.

Solar energy is one of the four major sectors in TTC’s renewable energy portfolio, along with hydropower, wind power, and thermal power.

It has already invested in hydropower and 17 thermal power plants, and from now to 2020 will develop wind and solar power.

According to Mr. Thai Van Chuyen, CEO of TTC, the group has selected development projects such as the Thanh Long solar power plant on an area of 37 ha, the TTC Tan Hung solar power plant on 68 ha, and the Tanisugar Tan Phu solar power plant on 75 ha, with investment capital totaling about $1 billion.

A representative from the International Finance Corporation (IFC) said that in recent years, the world has witnessed $200 billion flowing into renewable energy. Investment in wind power is quite stable while investment in solar energy has increased significantly.

The solar energy industry is generally concentrated in key markets such as Europe, China, Japan, and the US.

In Vietnam, the main renewable energy source is hydropower. It is projected that by 2025, it will need to invest $74 billion in power plants to meet its growing demand. The government has pledged to increase electricity capacity by 14 per cent per year during the 2015-2030 period.

“The energy sector in Vietnam has a lot of investment potential because future demand is very high,” said the IFC representative. “Therefore, the IFC is ready to provide financial and other technical support and will call on partners to invest in the energy sector, especially clean energy.”

TTC is the leading company in Vietnam’s sugar industry, as it holds a controlling stake in many large sugar companies, including the Thanh Thanh Cong Tay Ninh Sugarcane JSC, Gia Lai Hydropower Sugar, Bien Hoa Sugar (BHS), Ninh Hoa Sugar (NHS), and the Phan Rang Sugar Company.

In March, Thanh Thanh Cong Tay Ninh and the Bien Hoa Sugar officially completed a merger to create the largest sugar company on Vietnam’s stock market.

The TTC Group held an extra-ordinary general meeting for 2016-2017 on May 25 and 26 to approve its merger policy and plans to exchange all existing BHS shares with additional shares of TTCS (stock code SBT).

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