Waaree Energies has announced the commissioning and inauguration of its 49.5-mw ground-mounted solar project in Vietnam.
The project, in association with Song Giang Solar Power JSC, marks Waaree’s footprint in South East Asia. Developed in the Khanh Hoa province, the plant is expected to generate more than 78,600 MWh per year. Waaree’s international projects are expected to contribute over 15 per cent to the company’s overall revenue in FY20. This project also marks the completion of over 600 mw of solar EPC projects.
The project, approved by Vietnam Electricity for 45 MW AC, 49.5 MWp DC, has Waaree as the turnkey EPC partner and the brand will also be responsible for the supervision of the plant’s operations and maintenance.
Aligned with the objective of achieving Vietnam Government’s target of 12 GW from solar installations, this project will mark Waaree’s presence and expertise internationally. Vietnam, one of the 20 fastest growing economies in the world, has witnessed $6.8 billion investment per year in the power sector. Tapping into this growth potential, Waaree’s strategic foray into the Vietnamese market has also generated over 500 jobs for locals residing in the region, a release from Waaree said.
Being Waaree’s first solar power plant in South East Asia, it has a direct current (DC) feature, which has been installed on a 60-hectare site in Cam Ranh City. Local state-owned power company, ‘Vietnam Electricity’, will be the purchaser of the plant’s output and has signed a contract for 20 years based on the feed-in tariff (FiT), set by the Vietnam government. Waaree Energies has clientele spanning across 68 countries, and has a significant revenue stream from their PV manufacturing, franchise and EPC segments.
