Sembcorp indications collaboration agreement to create 1.5 GW of renewables in Vietnam

• Singapore-based energy company Sembcorp Industries has actually signed a collaboration agreement with Bamboo Capital Group (BCG) for the advancement of 1.5 GW of renewable projects in Vietnam.

Signed with subsidiaries Sembcorp Utilities and BCG Energy (BCGE), the arrangement will see the companies "utilize each other's toughness and resources" to determine and jointly develop a pipe of as much as 1.5 GW of solar as well as wind projects in Vietnam.

Vietnam has prioritised the development of renewable resource resources in its 8th nationwide power development plan (PDP VIII). The draft PDP VIII includes raising the country's solar and wind capability to concerning 21.4 GW and 12.5 GW by 2030, respectively.

The very first phase of the collaboration will certainly entail a preliminary financing of US$ 30 million for the development of a 550MW portfolio of utility-scale wind possessions across 3 provinces in Vietnam, which are expected ahead online by end of 2022.

" Vietnam is a vital development market for Sembcorp in this area as we transform our portfolio from brown to environment-friendly," stated Koh Chiap Khiong, Sembcorp Industries CEO of Singapore as well as Southeast Asia.

" BCG Energy is a well-known as well as strong local designer in both wind as well as solar projects, and also we delight in to partner them to generate our following wave of financial investment in renewables to Vietnam."

In July, A 60MW drifting solar project developed by Sembcorp on a reservoir in Singapore was connected to the grid and entered into commercial operation.

The finalizing of the contract is not anticipated to have a product influence on the revenues per share and net property worth per share of Sembcorp Industries for the financial year finishing 31 December 2021, Sembcorp said in a media release.