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Singaporean, Taiwanese investors aim to pour $20mn into 2 solar power projects in Vietnam

Singaporean, Taiwanese investors aim to pour $20mn into 2 solar power projects in Vietnam

Thursday, January 04, 2024, 17:05 GMT+7
Singaporean, Taiwanese investors aim to pour $20mn into 2 solar power projects in Vietnam
This image shows solar panels at the Gio Thanh 2 Solar Power Plant in Gio Linh District, Quang Trị Province, north-central Vietnam. Photo: Hoang Tao / Tuoi Tre

Investors from Singapore and Taiwan wish to invest more than US$20 million in total in two solar power projects in north-central Vietnam’s Quang Tri Province, the provincial Department of Planning and Investment reported on Wednesday.

The two foreign investors are Shinfox Energy Co. Ltd. from Taiwan and Camellia Energy Pte. Ltd. from Singapore. 

Each of them is planning to acquire shares worth VND122.5 billion ($5.05 million) at Gio Thanh Energy Joint Stock Company, a business located in Quang Tri’s Gio Linh District.

Such an investment will account for 35 percent of the charter capital of this company, which is the investor of the Gio Thanh 1 Solar Power Plant project in Gio Linh. 

At the same time, they each intend to purchase shares worth the same amount at SECO Joint Stock Company, another business in Gio Linh and the investor of the Gio Thanh 2 Solar Power Plant project in the district.

This investment will also represent 35 percent of the charter capital of SECO.

Employees are seen at an office of the Gio Thanh 2 Solar Power Plant in Gio Linh District, Quang Trị Province, north-central Vietnam. Photo: Hoang Tao / Tuoi Tre

Employees are seen in an office of the Gio Thanh 2 Solar Power Plant in Gio Linh District, Quang Trị Province, north-central Vietnam. Photo: Hoang Tao / Tuoi Tre

The department has reported the investors’ proposed capital contribution plans to the provincial administration for consideration, suggesting the authorities consult the Ministry of National Defense about this issue before coming to a decision.  

The agency also directly called for opinions from the Ministry of Planning and Investment, the Ministry of Industry and Trade, and the Ministry of Public Security, along with some other relevant agencies on these projects.

Such consultation will be based on the laws on investment, national defense, and national security, as well as many applicable government decrees.

Gio Thanh 1 Solar Power Plant is located in Gio Hai Commune, which belongs to Gio Linh District and borders the East Vietnam Sea, according to the Department of Industry and Trade.

Seated on more than 65 hectares, the plant has an investment of VND1,117 billion ($46 million) and has been put into operation since December 2020, with a land lease term that lasts until 2069.  

With a capacity of 50MWp, the plant expects to have average annual production of 69 million kWh. 

Also situated in Gio Hai, Gio Thanh 2 Solar Power Plant – covering 58.8 hectares – began operation at the same time as the Gio Thanh 1 plant at a cost of VND1,100 billion ($45.3 million).  

It has the same capacity and land lease term as Gio Thanh 1.

In similar developments in Quang Tri, the investors of six wind power projects in Huong Hoa District, which borders Laos to the west, have recently sought permission from authorities to sell 50-100 percent of their shares to buyers from Singapore and China.

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Vinh Tho - Hoang Tao / Tuoi Tre News

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