Thai-based Gulf Energy Development Public Company Limited announced that the company has entered a contract with Green Energy to develop a solar power project in Tay Ninh province.
The project is located in Trang Bang district with a design capacity of 48MW and a total investment of $66 million. Under the contract, Green Energy will contribute 51 per cent of the total value and the remainder will come from the Thai company.
As planned, the project will start construction in June and come into operation in June 2019.
With average sunshine hours of up to 2,400 hours per year, the intensity of solar radiation from 5.1kWh per square metre a day, Tay Ninh province has great potential and is suitable for developing solar power.
By the end of 2017, 18 solar projects were registered for investment with the total capacity of 2,889 MW, of which 17 will have a total capacity of 889MW ( implemented in 2018-2019 period) and one project invested by Xuan Cau Co., Ltd. with a total capacity of 2,000 MW deployed in Dau Tieng lake.
Gulf Energy Development is the third largest power company in Thailand.
After a $733-million IPO last year, Gulf Energy Development said that it is currently doing researches on projects in neighboring countries such as Myanmar, Laos and Vietnam.
These countries have rapid economic growth which promises to boost electricity demand in the future.