TTC Group officially enters the solar power play-field

By Quynh Nhu - Feb 27, 2018 | 08:17 AM GMT+7

TheLEADERBy putting the first solar power plant – Phong Dien plant into operation this year, Thanh Thanh Cong Group (TTC) is expressing its determination to become the number one solar power producer in Vietnam.

TTC Group officially enters the solar power play-field
The signing ceremony between GEC and Sharp - SSSA - NSN joint-venture.

Gia Lai Electricity Joint Stock Company (GEC), a TTC's affiliate and joint-venture of Sharp - SSSA - NSN have just entered the EPC (Engineering Procurement and Construction) contract for deployment of Phong Dien solar power farm.

The joint venture, which includes Japan-based Sharp Corporation, Thailand-based Sharp Solar Solution Asia (SSSA) and NSN Construction and Engineering Joint Stock Company, is led by Sharp.

The plant is expected to generate electricity at the end of the third quarter of this year with the designed capacity of 35MW and is divided into two phases. The first phase will have a capacity of 5MW (in 2018) while the second will bring the capacity up to 30MW (in 2019).

Electricity output of the plant is estimated at 61,570MWh per year, approximately equal to the annual electricity consumption of about 32,628 households in Vietnam.

Phong Dien Plant is invested by GEC on an area of 45 ha in My Hoa hamlet, Dien Loc commune, Phong Dien district with a total investment of nearly VND700 billion (US$30.8 million).

As agreed, the reciprocal capital from the investor covers 40 per cent of the total investment. Bank loans are expected to cover 60 per cent, of which, Agribank Thua Thien-Hue and Agribank Gia Lai branches will finance 30 per cent while VDB Thua Thien-Hue and VDB Quang Tri will cover the rest.

Phong Dien is the first solar project that TTC will officially put into operation. In addition to Phong Dien farm, TTC has planned to deploy other solar projects in Tay Ninh (designed capacity of 324MW), Binh Thuan (designed capacity of 300MW), Ninh Thuan (designed capacity of 300MW),...

At TTC's customer conference in mid-2017, TTC's leaders stated that solar and wind power would be two segments in which the group will focus on development in the near future with the investment capital of around US$1 billion.

"20 solar power plants will be our 20 cash printing machines by 2020. We will develop solar power projects with 30 per cent of our capital and 70 per cent of loans," Thai Van Chuyen, CEO of TTC said. "Now we have US$300 million available for investment."

According to TTC, by 2020, the group plans to reach a capacity of 1,000MW of solar power, 40MW of wind power, accounting for 73 per cent of the group's total energy sector. In addition, 222MW of hydropower and 150MW of thermal power account for 16 per cent and 11 per cent, respectively.