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Vietnam Faces Challenges In Aggressive Solar Power Production Plan

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Renewable energy production hasn’t been very strong in Southeast Asia, but it could get a significant boost very soon. Vietnam needs to boost their power output rapidly to meet an increase in demand over the next eight years. Due to the steadily dropping costs of solar energy, the TTC Group in Ho Chi Minh City are looking to add a gigawatt worth of solar parks by 2018.

The TTC Group is an investor in properties such as real estate, energy, and tourism. These aggressive plans detail that 10 to 20 solar parks will be built in the next year with costs reaching the $1 billion mark. Thai Van Chuyen, the group’s CEO, tells Mai Ngoc Chau of Bloomberg that the reason for building solar plants was due to development prices being cheaper when compared to coal-fired power plants. VnExpress reports that costs have dropped from 15 cents to as low as 10 cents.