Industrial appliance maker Refrigeration Electrical Engineering Corporation (REE) will build the two plants in the provinces of Binh Thuan and Ninh Thuan with a total capacity of 54.2 megawatts.

Construction of the Phu Lac 2 Wind Power Plant, funded by IFC, in the central province of Binh Thuan.

They would generate 170 million kilowatt hours of clean energy annually once they start operating later this year, the IFC, a member of the World Bank Group, said in a statement.

"As REE expands its footprint in renewable energy, we are looking for long-term U.S. dollar-based financing that is not readily available in the local market," Nguyen Ngoc Thai Binh, REE’s deputy CEO, said.

"We are confident that IFC’s support will help us implement a strategic drive to green our power sector portfolio in the coming years."

A subsidiary of REE, Thuan Binh Wind Power Jsc, built one of Vietnam’s first wind power plants, the 24-MW Phu Lac 1 in Binh Thuan.

With electricity demand driven by its robust economic growth, Vietnam foresees the need for a doubling of its power capacity by 2030 to meet it.

Renewable energy capacity including rooftop solar is projected to increase by approximately 19 GW to more than 36 GW over the next decade at an estimated cost of $20 billion.

Solar energy development: Lack of radical solutions

(BGO) - Recently, the development of solar power has been encouraged to take advantage of this clean energy and reduce pressure on the power sector. However, there are no specific solutions to deal with solar panels when they expire.

Vietnam provided with US$86.3 million to boost energy efficiency investments

The World Bank, acting on behalf of the Green Climate Fund (GCF), has signed a US$11.3 million grant with the State Bank of Vietnam to support the development of a commercial financing market for industrial energy efficiency investments.

Vietnam among top three leading nations in renewable energy shift in Asia Pacific

Vietnam is among top three nations leading the shift to renewable energy in Asia Pacific, according to the latest research from IHS Markit.

US to help Vietnam develop clean energy

The U.S.’s official aid agency has signed an agreement with national utility Vietnam Electricity (EVN) for rooftop solar power generation.

Energy scholarships beckon talented Hanoi students

AES Future Energy scholarships, with a total value of over $25,000, will be awarded to 20 students from three Hanoi universities.

Source: VnExpress