Ho Chi Minh City-based conglomerate TTC Corp plans to start constructing three solar projects, totalling 150MW of capacity, in Vietnam in the first half of next year.
Reuters reported TTC’s chairman Dang Van Thanh confirming that the projects will be located in the central and southern provinces of Vietnam, requiring investment of roughly VND3 trillion (US$132 million).
Two of the projects in central Thua Thien Hue province and the Central Highlands province of Gia Lai are due to start in Q1 2018, with a third in Tay Ninh province to start in Q2.
Back in June, TTC said it planned to spend up to US$1 billion on 10 to 20 solar parks with a combined capacity of around 1GW.
This has now been narrowed down to 600-700MW by 2020 and 1GW by 2025. As part of this, the company has partnered with renewable energy developer and asset manager Armstrong South East Asia Clean Energy Fund and the International Financial Corporation, which now have a shared 36% stake in TTC’s energy unit.
Vietnamese government officials have consistently bigged up the huge pipeline of projects in development in Vietnam, but with the solar PPA under scrutiny by international law firms and financiers, the industry has been keenly watching to see if large-scale projects do start to come online.