Waaree Energies ventures into Vietnam with 49.5 MW solar project
India’s solar PV manufacturer and EPC contractor Waaree Energies announced the commissioning and inauguration of 49.5 MW ground-mounted solar project in Vietnam.
This project, developed for Vietnam based privately owned renewable energy company Song Giang Solar Power JSC, is Waaree Energies’ first solar power plant in South East Asia. Located in the Khanh Hoa province, the plant is expected to generate more than 78,600 MWh per year. It has a direct current (DC) feature and it has been installed on a 60-hectare site in Cam Ranh City.
The project, approved by local state-owned power company Vietnam Electricity for 45 MW AC, 49.5 MWp DC, has Waaree Energies as the turnkey EPC partner. Waaree Energies will also be responsible for the supervision of the plant’s operations and maintenance.
Vietnam Electricity will be the purchaser of the plant’s output and has signed a contract for 20 years based on the feed-in tariff (FiT), set by the Vietnam government.
Vietnam, one of the 20 fastest growing economies in the world, has witnessed USD 6.8 billion investment per year in the power sector. Tapping into this growth potential, Waaree’s strategic foray into the Vietnamese market has also generated over 500 jobs for locals residing in the region.
This project will mark the completion of over 600 MW Solar EPC projects and Waaree’s presence internationally. Waaree’s international projects are expected to contribute over 15% to the overall revenue in FY 2019-20.
Speaking on the project, Sunil Rathi, Director, Waaree Energies said:
“Demand for energy in Vietnam is expected to increase by 10% by 2020 and Waaree is targeting this growing demand. With 100 MW international projects in the pipeline, we are looking forward to aid the solar transition globally. The project is a testament to the quality of work Waaree has delivered till date and the faith that big scale players have in Waaree, across the globe. We pride ourselves with our excellent quality standards which are at par with our international counterparts, making us a significant player in the global industry. Our 5 years projections indicate a substantial growth in our international operation.”
Source: Press Release by Waaree Energies. Photo credit: © Waaree Energies.
