Thailand's Gulf Energy to take part in 48-MW Vietnamese solar project
Solar park in Thailand. Featured Image: topten22photo/Shutterstock.com
Thai power producer Gulf Energy Development PCL (BKK:GULF) plans to build a 48-MW solar park in Vietnam’s Tay Ninh province in cooperation with the Thanh Thanh Cong Group, it was announced this week.
The board of Gulf Energy has authorised the company to enter into a shareholder agreement with the suggested partner for the purpose of investing in the said project. Thanh Thanh Cong Group, also known as TTC Group, is expected to hold a 51% stake in the scheme.
The total cost of the development is estimated at about USD 66 million (EUR 54m), according to the announcement. Construction work should begin in June and will be completed within a year. The finalised solar plant will be selling its output to Vietnam Electricity under a 20-year contract.
The parties are also expected to cooperate on other energy projects in Vietnam, including such using other fuel sources like wind, natural gas, coal, waste, hydropower and thermal energy. They should enter into a memorandum of understanding (MoU) to form a partnership, the statement says.