Sembcorp, BCG Energy to develop 1.5GW renewable energy project in Vietnam
The first phase of the collaboration will involve initial funding of $40.95m
Sembcorp Utilities and BCG Energy will jointly develop a pipeline of up to 1.5 GW wind and solar projects in Vietnam.
A total of $40.95m (USD$30m) will be allotted for the first phase of the collaboration which involves the development of a 550MW portfolio of utility-scale nearshore and onshore wind assets in Ca Mau, Tra Vinh, and Soc Trang.
BGC Energy CEO, Pham Minh Tuan, said the collaboration project will not only bring “economic benefits to both companies,” but also promotes clean energy transition in Vietnam.
Under Vtienamna’s draft of the eighth power development plan (PDP VIII), the country will be “prioritising the development of renewable energy.”
Sembcorp Industries said the signing of the agreement will not have a material impact on its earnings per share and net asset value per share for the financial year ending 31 December 2021.
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