SK Ecoplant and BCGE Joint Venture to Develop 700 MW Renewable Energy Projects in Vietnam

South Korea's SK Ecoplant has announced a joint venture with Vietnam's Bamboo Capital Group Energy (BCGE) to develop renewable energy projects in Vietnam. The collaboration aims to establish solar and wind power facilities with a total capacity of 700 MW. This includes 300 MW of onshore wind, 300 MW of rooftop solar, and 100 MW of ground-mounted solar.

BCGE is one of the leading renewable energy companies in Vietnam, currently developing and operating about 600 MW of solar power plants and having more than 800 MW of wind power under development. The agreement will also explore other high-potential renewable energy projects. 

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SK Ecoplant will participate in the projects from the business development stage and secure carbon credits. The company had already completed registration for the Clean Development Mechanism (CDM) project of the United Nations Framework Convention on Climate Change (UNFCCC) in Vietnam in 2021. The joint venture will be an add-on to mainstream renewable power in Vietnam.

Details About the Joint Venture

300 MW Onshore Wind Power: The project will leverage the strong wind resources in Gia Lai province, located in Vietnam's central highlands. This region boasts ideal conditions for wind turbine installation, making it a prime location for large-scale wind power generation.

300 MW Rooftop Solar Power: The venture aims to capitalize on Vietnam's rapidly growing rooftop solar market. By installing solar panels on the rooftops of residential, commercial, and industrial buildings, the project will contribute to decentralized clean energy generation and reduce reliance on traditional power sources.

100 MW Ground-Mounted Solar Power: This component will involve constructing utility-scale solar farms on designated land areas. These ground-mounted solar plants will provide a stable and reliable source of renewable energy, complementing the distributed generation from rooftop solar.
 

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Vietnam's Renewable Energy Policy

Vietnam has made significant strides in developing renewable energy sources, driven by a national strategy and ambitious goals. The Vietnam Renewable Energy Development Strategy 2016-2030 was launched in 2016. Vietnam aims to generate a minimum of 30.9% of its energy from renewable sources by 2030. Some of the policies include:

Feed-in-Tariff (FIT): This scheme provides financial incentives for renewable energy producers by guaranteeing a fixed price for electricity generated from renewable sources. Vietnam has actively used FITs, particularly for solar power.

Power Development Plan (PDP): The latest PDP (PDP8) emphasizes renewables over fossil fuels for the next decade. It places a strong focus on offshore wind power development alongside solar energy.

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