EDP Renewables (EDPR) , whose parent company EDP Energias de Portugal has as main shareholder China Three Gorges (CTG), is expanding to Vietnam.
According to a company statement, the Lisbon-based energy group (headquarters pictured above) reached an agreement with Trina Solar, the world leading solar power (PV) and smart energy total solution provider, to acquire a 28 MWac (35 MWdc) solar PV project for a total of USD 36m.
The Trung Son Solar PV project is located in the Khanh Hoa Province, Vietnam, and is in operation since December 2020. “The entry in Vietnam is within the context of EDPR Business plan 2021-25 and represents a first step towards the establishment of EDPR’s presence in the Asia Pacific region”, the company says.
EDPR adds that it expects to invest in the Asia Pacific region part of the c.5% allocated to Other geographies within the 20 GW growth plan until 2025, “providing diversification and growth optionality and further reinforcing EDPR’s worldwide leading position in renewables”.
The project has a Power Purchase Agreement signed with Vietnam Electricity under a 20-year Feed-in Tariff. “Vietnam is one of the fastest growing economies in Southeast Asia with power demand increasing at c.10% p.a.. Thermal represents c.50% of the capacity mix and energy dependence has increased significantly with net imports currently at c.30% of total energy demand”, EDP says.
“With the objective of increasing the weight of RES (reneable energies) in the energy mix, and leveraging on its strong fundamentals for both wind and solar, Vietnam has set ambitious RES growth targets in its Power Development Planning VIII (“PDP8”), aiming to reach 30% of capacity from RES by 2025 and 37 GW of wind and solar PV installed capacity by 2030, implying wind and solar PV capacity additions of 28 GW until 2030”, the company adds.
