SK ecoplant to launch 700MW renewable energy projects in Vietnam

Construction News Vietnam

[Courtesy of SK ecoplant Co.]
SK ecoplant to launch 700MW renewable energy projects in Vietnam

South Korea’s SK ecoplant Co. has partnered with Vietnam’s Bamboo Capital Group Energy (BCGE) to establish solar and wind power facilities in the Southeast Asian country, the company said on Friday.

Under the memorandum of understanding (MoU) signed on Friday, SK ecoplant and BCGE will jointly pursue renewable energy projects with a total capacity of 700 MW in Vietnam, including onshore wind (300 MW), rooftop solar (300 MW), and ground-mounted solar (100 MW).

SK ecoplant will be involved in the project from the development stage and plans to secure carbon credits as well.

In 2021, SK ecoplant completed the registration of its clean development mechanism (CDM) projects under the United Nations Framework Convention on Climate Change (UNFCCC) in Vietnam.

CDM projects involve implementing measures to reduce greenhouse gas emissions, with the achievement of emission reductions resulting in the issuance of carbon credits from the United Nations.

Vietnam, an emerging economy with an energy demand growing at over 10 percent annually, has been increasing its investment in renewable energy sectors in recent years.

With abundant sunlight and coastal areas characterized by average wind speeds exceeding 5m/s, Vietnam is recognized for its high potential for both solar and wind power generation.

According to the Korea Trade-Investment Promotion Agency (KOTRA), Vietnam‘s renewable energy capacity has more than quadrupled to over 21.6 GW last year from around 5.2 gigawatts (GW) in 2019.

BCGE, known as a leading renewable energy player in Vietnam, currently operates about 600 megawatts (MW) of solar power plants in the country, with plans underway for wind power projects totaling 800 MW.