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Infrastructure & PPPs in Vietnam - Q4 2024 Update

VIETNAM has a strong infrasstructure development pipeline, with new proejcts proposed across renewables, social infra, road/ highways, rail, ports and airports. The plans are very ambitious with agressive timleines and it is likley that some of these will need stronger policy and regulatory frameworks for implementation. The concession agreements will play a significant role in bankability and financing for such projects, especially those which propose emerging and under-development technical solutions.

Read the latest developments in Infrastructure and PPPs in Vietnam in our Q4 2024 insight.

 

OCTOBER 2024

MICRO ELECTRICITY AND SAIGONTEL TO DEVELOP A 300 MW SOLAR POWER PARK IN VIETNAM

Micro Electricity has partnered with Saigontel to develop a 300 MW solar power park in southern Vietnam and create a green energy trading platform for industrial zones. The companies plan to invest USD 225 Mn over three years, with the project expected to generate revenue by 2025. 

Micro Electricity will provide energy management, operations and green energy transaction services, including International Renewable Energy Certificate (IREC) settlements. These services will help customers manage energy consumption and track carbon emissions. The initiative will also assist businesses in achieving key green energy and carbon reduction goals.

The Direct Power Purchase Agreement (DPPA), allowing businesses in Vietnam to procure green energy without restrictions. This policy enables renewable energy transactions through private power grids or the national electricity network, allowing companies to directly contract with renewable energy producers. The solar power park, developed in collaboration with Saigontel, is currently in the planning stages and is expected to launch by 2025, with an installed capacity of 100 MW projected to be completed by 2026.


PLANS ANNOUNCED TO DEVELOP USD 67 BN HSR PROJECT CONNECTING HANOI AND HCMC

The Government of Vietnam announced a USD 67.34 Bn High-Speed Railway (HSR) project connecting Hanoi and Ho Chi Minh City. The railway from capital Hanoi to southern business hub Ho Chi Minh City would be Vietnam's largest ever infrastructure project, with annual average costs for the state budget estimated at about USD 5.6 Bn.

The HSR will span 1,541 km, travelling at 350 km per hour, would be expected to be completed by 2035. The project will be funded by the national budget without foreign loans, and construction is set to begin in 2028, with completion targeted by 2035.  The potential cooperation between China and Vietnam over the high-speed railway should be based on market principles and sustainability, as constructing a high-speed railway is a mega project that requires years to complete and vast financial resources.

The value of a high-speed railway connecting Hanoi and Ho Chi Minh City lies not only in boosting China-Vietnam infrastructure connectivity, but also for the further development of the Trans-Asian Railway (TAR) network in Southeast Asia, which is key to ensuring global supply chain stability amid rising geopolitical tensions

 

JAPAN RENEWABLE ENERGY FIRM EREX STARTS BUILDING 2 BIOMASS POWER PLANTS IN NORTHERN VIETNAM

Japan's renewable energy firm Erex Co., Ltd. kicked off the construction of two biomass power plants in Vietnam’s northern provinces of Tuyen Quang and Yen Bai. The two power plants are part of Erex’s plan to build nearly two dozen biomass power plants in Vietnam, in line with the country’s national power development plan VIII (PDP VIII), towards net zero emission in 2050. These projects are the first biomass power plants in Vietnam per PDP VIII.

The two facilities have an annual capacity of 50 MW and selling prices of 8.47 U.S. cents per kWh. In addition, both projects are backed by Japan's subsidy scheme that supports potential projects that could contribute to its Joint Crediting Mechanism to cut greenhouse gas emissions. The construction cost of each plant is estimated at over USD 100 Mn. These biomass power plants are part of Erex's ongoing expansion in Vietnam. The Japanese renewable energy company has planned 18 newly constructed biomass power plants in the country.


USD 7 BN RAILWAY LINE TO BOOST TRANSPORT CAPACITY ACROSS TEN PROVINCES IN NORTHERN REGION

The Vietnam Railway Authority has submitted a proposal to the Ministry of Transport for the review and approval of the planning for Lào Cai-Hà Nội-Hải Phòng-QuảngNinh railway line. This railway will extend approximately 427km, beginning at Lào Cai station, where it connects with the Chinese railway, and ending at Hạ Long, part of the Kép-Hạ Long line. The route will cover 41 stations and cross ten provinces and the cities of Lào Cai, Yên Bái, Phú Thọ, Vĩnh Phúc, Hà Nội, Bắc Ninh, Hưng Yên, Hải Dương, Hải Phòng and Quảng Ninh.

The planning consortium, TRICC-TEDI, has organised the railway into two main lines and two branch lines. The main line from Lào Cai to the north of Hải Phòng to Lạch Huyện Port measures 391.06 km, while the segment from the north Hải Phòng to Cái Lân is 50.59 km long. The branch line from the north of Hải Phòng to Nam Đồ Sơn Port is 12.632km, and the branch line from Nam Đình Vũ to Đình Vũ extends 7.418 km. The total funding requirement for the Lào Cai-Hà Nội-Hải Phòng-Quảng Ninh railway is estimated at VND 179,126 Trn (USD 7.17 Bn) which includes costs for land clearance, construction, and project management.

The Lào Cai-Hà Nội-Hải Phòng-Quảng Ninh railway is expected to enhance transport capacity and connectivity with seaports, industrial zones and tourist areas, thus contributing to the country’s industrialisation and modernisation efforts.

 

VIETNAM SEEKS PRIVATE CAPITAL FOR SIX HOSPITAL PPPs

Ho Chi Minh City calls on domestic and foreign investors to build 6 projects on treatment for foreigners, high-tech disease screening, and stroke treatment hospitals.  The six projects calling for private-sector investment include are:

  1. Nguyen Tri Phuong Hospital Service Examination and Treatment Area

  2. Department of Examination and Treatment for Foreigners at Le Van Thinh Hospital

  3. Ho Chi Minh City Stroke Hospital

  4. One high-tech screening and diagnosis center in Thu Duc City

  5. One high-tech screening and diagnosis center in Binh Chanh District

  6. Practice Hospital of Pham Ngoc Thach University of Medicine

These projects will be invested in the form of Public-Private Partnership (PPP). Ho Chi Minh City aims to become a healthcare center in the ASEAN region with many major projects. The city has formed 6 large health clusters, including the central cluster and clusters at the gateways in Thu Duc City, Binh Chanh, Can Gio, and the Southwest cluster. The health sector will set up a training center for high-quality medical personnel, develop infrastructure and specialized techniques, promote medical tourism combining modern medicine and traditional medicine.

The health sector will focus on mobilizing social resources to join leading specialized and general hospitals in developing specialized fields and providing services to the people. The city mobilizes foreign investors with "special incentives", establishing hospitals with major brands in the world located in Ho Chi Minh City. This not only helps people access high-quality treatment in the country, but also helps medical staff to learn and share experiences and progress in the world.

 

November 2024


AD PORTS GROUP AND VINGROUP COLLABORATE ON VIETNAM’S MARITIME INFRASTRUCTURE

AD Ports Group has signed an agreement with Vingroup JSC, one of Vietnam’s leading private companies, to explore jointly developing and modernising ports, logistics and maritime infrastructure in Vietnam. This partnership aims to strengthen Vietnam’s position in global supply chains, supporting its logistics and manufacturing sectors. 

Under the new Memorandum of Understanding (MoU), Vingroup will assess which potential projects could be secured for development, and where it could oversee construction, provide essential infrastructure, and engage with local partners, while for its part AD Ports Group has agreed to manage the operational aspects of these projects.

AD Ports Group has also signed a Memorandum of Understanding with the General Department of Vietnam Customs (GDVC) to explore developing digital trade solutions for the country’s customs department. AD Ports Group and GDVC will assess a range of possibilities to cooperate on a Single Window trade solution, customs and border solutions, a trade management and risk management platform, as well as artificial intelligence-supported digital trade solutions.


ENVISION ENERGY TO BUILD USD 420 MN WIND POWER PLANT IN VIETNAM

Envision Energy Singapore Pte Ltd, under China-based Envision Energy, aims to kick off construction of the 300-MW Envision Nam Po wind power plant in Vietnam’s northern mountainous province of Dien Bien in June 2025. The project has completed two wind speed meters and recorded an average wind speed of six meters per second in November 2023-October 2024. The firm aims to complete the project construction in December 2026.

The USD 420 Mn 105-hectare project is set to connect to the 500 kV Lai Chau transformer station via the 220 kV power line in the northern mountainous region. It will feature 60 turbines of 5 MW each, providing 900 Mn kWh per year on average. The Envision Nam Po wind power plant in the implementation plan of the national power development plan VIII (PDP VIII) has a capacity of 125 MW.

 

VINGROUP AND NMDC PARTNER FOR VIETNAM’S OFFSHORE WIND DEVELOPMENT

Vingroup and the UAE-based NMDC Group have signed a memorandum of understanding (MoU) to collaborate on offshore wind power projects in Vietnam. The MoU also includes plans for land reclamation and coastal sustainability projects to support high-end real estate and industrial land expansion. 

NMDC, known for its expertise in marine development, will employ advanced engineering solutions to ensure environmental sustainability and resilience in these projects. This partnership aligns with Vietnam’s ambitious national energy plan, which targets 6 GW of offshore wind capacity by 2030. However, Vietnam has no operational offshore wind projects, with development focused only on intertidal wind farms near the coast. 

 

VIETNAM’S MOT AIMS FOR 3,000 KM NORTH-SOUTH EXPRESSWAY COMPLETION BY 2025

The Ministry of Transport (MoT) of Vietnam has been working with local authorities to complete 3,000 km of the North-South expressway by 2025. The project has been built around 2,000 km, with an additional 1,172 km in progress. Despite challenges with land, material shortages, and pace, contractors aim to finish critical components, including bridges and tunnels, by December 2024, ensuring road completion in 2025. Some sections, such as the Van Phong–Nha Trang stretch, are expected to open six months ahead of schedule.

MoT has initiated a 500-day campaign to fast-track the project, involving thousands of workers and heavy machinery. Ten key component projects, including stretches between Quang Ngai and Nha Trang, are advancing rapidly, with notable segments already over halfway complete.

 

CONSTRUCTION TRIO KEEN ON BUILDING USD 1.5 BN EXPANDED EXPRESSWAY IN SOUTHERN VIETNAM

The three construction majors in Vietnam are interested in building an expanded expressway connecting Ho Chi Minh City with the Mekong Delta provinces of Long and Tien Giang for an estimated VND 38.6 Trn (USD 1.52 Bn). The expansion of the 91-km highway from the current two lanes to eight lanes, will be done under a Public-Private Partnership (PPP) format and a Build-Operate-Transfer (BOT) contract with no state funding involved.

The total investment, fully covered by the investors, will comprise VND 5.8 Trn (USD 228.4 Mn), or 15%, from the owners’ equity; and the remaining VND 32.88 Trn (USD 1.29 Bn) sourced through loans and other financial resources. The project is expected to receive an in-principal nod in Q1/2025, with full approval estimated to be granted between Q2 and Q3/2025. Contractor selection is scheduled to happen between Q3/2025 and Q1/2026. The expressway is scheduled to be built from Q1/2026 to Q4/2028. The investors will collect tolls from the expressway over 23 years and five months to recover their capital.

 

CENTRAL VIETNAM HUB DANANG SEEKS INVESTMENT FOR URBAN RAILWAY AIRPORT LINK PPP

Da Nang is calling for an investment in a major urban railway project that will connect the Danang International Airport with the central city’s famous My Khe Beach. The 14.9 km route will have 19 stations and a depot.  The project is part of a broader transportation network development scheme outlined in the city master plan for the 2021-2030 period (with vision until 2050).

Under the masterplan, the central city aims to develop two MRT (mass rapid transit) lines and two LRT (light rail transit) routes by 2030, followed by another four LRT lines and one BRT (bus rapid transit) route by 2045. The route will be funded through the Public-Private Partnership (PPP) model and deployed as a build-lease-transfer (BLT) or build-operate-transfer (BOT) project.

The plan accords priority to the Danang Airport-Tran Thi Ly Bridge-My Khe Beach route, which will follow a transit-oriented development (TOD) model, encouraging urban redevelopment along the LRT corridor.  Danang will build a total of 11 LRT lines, two MRT lines and three tourist-focused LRT routes. Some of the LT routes will utilize the existing infrastructure of the North-South national railway line after the current railway station is relocated outside the city BY 2050. The urban railway network will be part of a larger public transport network that links with neighbouring towns including Hoi An in Quang Nam province and Lang Co in Thua Thien-Hue province.

 

December 2024


NEW AIRPORT TO BE BUILT IN VIETNAM CENTRAL HIGHLANDS PROVINCE

Mang Den Airport in the Central Highlands province of Kon Tum is set to be built under a Public-Private Partnership (PPP) model, with total investment of nearly VND 5 Trn (USD 196.8 Mn) for the first phase. The airport will cover 350 hectares in Kon Plong district’s Mang Den township, approximately 45 km northeast of Kon Tum town, 73 km northeast of Pleiku Airport in Gia Lai province, 105 km northwest of Phu Cat Airport in Binh Dinh province, and 93 km southwest of Chu Lai Airport in Quang Nam province.

The planned capacity is expected to be about 1 Mn passengers/year by 2030 (oriented to renovate the line to exploit excess capacity for the period after 2030). The construction of Mang Den Airport is in line with the national and provincial planning schemes, as well as the master plan for the Mang Den tourism area. The airport is expected to play a key role in the development of the Mang Den tourism area, boosting the local economy.

Vietnam aims to expand its network of airports from 22 to 30 by 2030, and 33 by 2050. On the list of the 30 airports until 2030, the 14 international gateways are:

  1. Van Don (in Quang Ninh province),

  2. Cat Bi (Hai Phong city),

  3. Noi Bai (Hanoi),

  4. Tho Xuan (Thanh Hoa province),

  5. Vinh (Nghe An province),

  6. Phu Bai (Thua Thien-Hue province),

  7. Danang (Danang city),

  8. Chu Lai (Quang Nam province),

  9. Cam Ranh (Khanh Hoa province),

  10. Lien Khuong (Lam Dong province),

  11. Long Thanh (in Dong Nai near HCMC)

  12. Tan Son Nhat (HCMC)

  13. Can Tho (Can Tho city), and

  14. Phu Quoc (Phu Quoc Island).

The 16 domestic airports on the list are:

  1. Lai Chau (Lai Chau province),

  2. Dien Bien (Lai Chau province),

  3. Sapa (Lao Cai province),

  4. Na San (Son La province),

  5. Dong Hoi (Quang Binh province),

  6. Quang Tri (Quang Tri province),

  7. Phu Cat (Binh Dinh province),

  8. Tuy Hoa (Phu Yen province),

  9. Pleiku (Gia Lai province),

  10. Buon Ma Thuot (Dak Lak province),

  11. Phan Thiet (Binh Thuan province),

  12. Rach Gia (Kien Giang province),

  13. Ca Mau (Ca Mau province),

  14. Con Dao (Con Dao Island),

  15. Thanh Son (Ninh Thuan province), and

  16. Bien Hoa (Dong Nai province).

For a vision to 2050, the total is 33 (14 international airports and 19 domestic terminals). This means there will be three more domestic ones, namely Cao Bang, Cat Bi, and South Hanoi. Notably, among the 14 international airports, Hai Phong Airport will replace the existing Cat Bi Airport.

 

HCMC-LONG THANH EXPRESSWAY EXPANSION SET TO BEGIN BY 2025

The Ministry of Transport (MOT) has announced plans to expand the Ho Chi Minh City (HCMC)-Long Thanh Expressway in Vietnam. The expressway is a 22 km section being upgraded to 8–10 lanes. The MOT has confirmed that the Vietnam Expressway Corporation (VEC) will manage the project, with construction expected to start in 2025. This approach, which does not rely on public investment, aims to reduce pressure on the national budget and shorten project timelines, with VEC securing all necessary investments through commercial loans.

The expansion plan involves two key sections: the first will expand the expressway from the Ring Road 2 interchange to the Ring Road 3 interchange, increasing lanes to 8, and the second from the Ring Road 3 interchange to the Bien Hoa–Vung Tau Expressway interchange, expanding lanes to 10. The total project cost is estimated at VND 14.955 Trn (USD 585.23 Mn), with funding split between equity and commercial loans. VEC will secure 100% of the investment capital to execute the project and operate the expressway, recovering costs through toll collection. Land clearance will be handled as an independent project funded by the central and local governments of HCMC and Dong Nai.


LONGI AND SEV DRIVES THE GREEN POWER TRANSITION IN VIETNAM’S ELECTRONIC INDUSTRY

LONGi, the world-renowned pioneer in solar technology, has partnered with Solar Electric Vietnam JSC (SEV) to continue their efforts to promote green power transition within the electronic industry by delivering an advanced solar project in Bac Giang province, Vietnam.

This project involved the installation of 11.4 MWp of solar PV rooftop system, utilizing LONGi advanced Hi-MO X6 modules. The system is expected to generate 12,940 MWh of green electricity annually and reduce CO2 emissions by 8,755 tons per year. LONGi and SEV not only contribute to sustainable corporate development but also achieving net-zero emissions by 2050 at the planet level. LONGi and SEV are actively advancing Vietnam’s clean energy goals and global climate change solutions.

 

DONG NAI PROPOSED TO BUILD A RIVER TUNNEL TO REPLACE CAT LAI FERRY

Dong Nai province has proposed a project to build a tunnel across the river to replace the Cat Lai ferry to increase the connection between the two localities and connect to Long Thanh airport. This plan also replaces the previously planned Cat Lai bridge. The Cat Lai ferry replacement bridge project has been assigned to Dong Nai Provincial People's Committee as the competent state agency to implement the Cat Lai ferry replacement bridge project under the form of Public-Private Partnership (PPP) and build-operate-transfer (BOT) contract.

Cat Lai bridge needs to have a high clearance for ships to pass through, so the two ends of the bridge must reclaim a large area of ​​land, affecting the urban beauty and the operation of Cat Lai Port. Fecon Joint Stock Company and its partner Shanghai Tunnel Engineering Co. (STEC) proposed to Dong Nai province a plan to build a tunnel across the river instead of a bridge for the Cat Lai Ferry Bridge Replacement Project. The units also proposed 2 plans to build a tunnel across the Dong Nai River with open tunnels on the Ho Chi Minh City and Dong Nai sides, along with a closed tunnel across the river. Both proposed plans have 2 parallel tunnels.

  1. Fecon Corporation proposed an 8-lane option with 4 lanes per tunnel, designed at a speed of 80km/h. With this option, the route length is more than 2,3km.

  2. The unit proposed a scale of 6 lanes with 3 lanes per tunnel. The route length is more than 1,7 km.


VIETNAM APPROVES RESTART OF THE 4 GW NINH THUAN NUCLEAR PROJECT

The Vietnamese National Assembly has approved the restart of work on the Ninh Thuận nuclear power plant, as well as additional budget allocations for the project. In 2009, Vietnam had approved plans for the construction of the first nuclear power plant of the country, including four nuclear power reactors, two each at two plants in the central province of Ninh Thuận, totalling a capacity of 4 GW. The contracts were originally awarded to Japan Atomic Power and Russia’s Rosatom, for a total cost of around USD 8.9 Bn.

The plans were delayed after the government ordered agencies to review safety measures following the Fukushima accident in 2011. In 2016, Vietnam’s legislature approved a government resolution to cancel plans to build the two nuclear power plants. In 2022, Vietnam’s National Assembly Economic Committee had proposed that the Government should remain committed to build the two nuclear plants instead of scrapping the project.

In October 2024, the Ministry of Trade and Industry of Vietnam announced it would amend its national power development plan (PDP8) to incorporate nuclear energy options, signalling a shift back toward nuclear power as part of the country’s energy strategy.


CMA CGM TO LAUNCH VIETNAM’S FIRST ZERO-EMISSIONS TRANSPORT SOLUTION

CMA CGM, a global player in maritime, land, air, and logistics solutions, will build and deploy for operation a brand-new zero emissions inland transport solution in Vietnam a 100% green electricity barge coupled with dedicated charging infrastructures supplied by a new solar farm at Gemalink terminal in Cai Mep (25% owned by CMA CGM Group).

From Binh Duong Province to the deep-sea terminal of Gemalink, the e-barge will make the 180km return journey emitting zero greenhouse gas emissions, enabling to reduce by 778 tons of CO2 emissions every year, powered by electric batteries only.

The e-barge, an innovation co-designed by CMA CGM's New Build and R&D teams in partnership with CATL for the battery technology, will be recharged using 100% certified renewable electricity and will transport over 50 000TEUs annually. NIKE has committed to optimize the use of the e-barge for NIKE shipments between Binh Duong Province and Gemalink. The e-barge is expected to begin operations in 2026.


VINGROUP LAUNCHES ELECTRIC TAXI SERVICE IN INDONESIA

Vingroup’s Green and Smart Mobility (GSM) JSC has introduced its Xanh SM electric taxi service in Jakarta, marking the first electric taxi fleet in Indonesia. This initiative aims to meet the growing transportation demand during the holiday season while supporting the country’s green transition goals. The service is part of Indonesia’s broader strategy to achieve net-zero emissions by 2060.

Vietnam’s first all-electric taxi company will begin operations in Indonesia, strategically positioned to meet the surging travel demand during the New Year 2025 season. Xanh SM is committed to delivering a 5-star mobility experience through its "5 Green Promises" implemented across all markets: Green Means Excellent Experience, Green Means Professional Drivers, Green Means High-Quality Vehicles, Green Means Affordable Pricing, and Green Means Environmental Care.


MINISTRY ESTABLISHES APPRAISAL COUNCIL FOR USD 3.4 BN RAILWAY PROJECT IN VIETNAM

The Ministry of Transport has formed a council to evaluate the pre-feasibility study for the Thu Thiem-Long Thanh railway project in southern Vietnam, which is designed for a speed of 120kph and requires an estimated investment of over USD 3.4 Bn. The proposed railway will stretch from Thu Thiem Station on metro line No. 1 in Thu Duc City – an administrative district-level unit of Ho Chi Minh City, to Long Thanh International Airport in neighbouring Dong Nai Province.

This new line will be an electrified double-track, standard-gauge railway, with a design speed of 120kph on open tracks and 90kph in tunnels. Operational speeds will be capped at 110kph on open tracks and 80kph in tunnels, with a capacity of 30,000-40,000 passengers per hour per direction. The route includes 30.67km of elevated tracks, 15.13km of tunnels, and 0.43km at ground level.  The railway will feature 20 stations, with 16 elevated and four underground, in addition to a depot in Dong Nai’s Long Thanh District and a maintenance facility in Thu Thiem.

Apart from connecting Ho Chi Minh City with the Long Thanh Airport, the railway will link with the southern metropolis’s metro line No. 2 at Thu Thiem Station, the Bien Hoa-Vung Tau railway at Station S18, and the North-South high-speed railway at Thu Thiem and Long Thanh Stations. The investment cost is VND 84.752 Trn (USD 3.454 Bn), including some VND 5.5 Trn (USD 216 Mn) for site clearance and resettlement, the project is proposed to be developed under the Public-Private Partnership (PPP), with plans to commence construction by 2030 and begin operations by 2035.


TAY NINH PROPOSES USD 185 MN AIRPORT PROJECT

Vietnam’s Tay Ninh province is proposing to build an airport with an investment of more than VND 4.7 Trn (USD 185 Mn).  It is anticipated that 15% of the funding will come from the State budget, while the remaining amount will be sourced from investors through a Public-Private Partnership (PPP) model.

The proposed 420-ha area for the Tay Ninh airport is located in Phuoc Ninh commune, Duong Minh Chau District, approximately 74 km far from Tan Son Nhat International Airport in Ho Chi Minh City, 106 km from Long Thanh Airport in Dong Nai province, 44 km from the Vietnam - Cambodia border, 24 km from Tay Ninh City, 15 km from Ba Den National Tourist Area, and 68 km from Lo Go - Xa Mat National Park. The implementation period is projected from 2026 to 2030.


VIETNAM PROVINCE PLANS USD 322 MN AIRPORT PPP

Vietnam’s northernmost coastal province of Thank Hoa plans to upgrade its largest airport in the PPP mode. The provincial government agreed on the Tho Xuan Airport Upgrade project, which will cost about VND 8.2 Trn (USD 322 Mn) in order to implement items including: Renovating, upgrading and expanding T1 terminal with a capacity of 1.5 million passengers/year synchronously connected to the newly built T2 terminal. 

There will also be the installation of a new flight management and operation system for the runways, as well as the construction of Terminal 2 that handles international flights. Terminal 2 will have a capacity of 3.5 million passengers per year. The two terminals will be connected to each other. The government is also looking to expand the airport so that it can accommodate 16 aircraft at the same time. Tho Xuan Airport will have a total annual capacity of 5 million passengers. The government plans to divide the plan into sub-projects based on different investment models. Tho Xuan Airport, which has been operational for 10 years, is in Sao Vang town in Thanh Hoa province, 45km northwest of the provincial capital city of Thanh Hoa.

 

GREENROCK ENERGY ENTERS THE VIETNAMESE MARKET AND AIMS TO BUILD 1GW OF SOLAR POWER PLANTS

Greenrock Energy will enter the Vietnamese market and will build rooftop solar energy with a capacity of 20MW in the Hanoi Industrial Park and will work towards the goal of 1GW; Greenrock Energy expects to apply for listing in the second quarter of next year. Greenrock Energy will build 20MW of rooftop solar power at the Hanoi Industrial Park plant, in addition to developing surface and ground-mounted solar power plants, with a target of 1GW of solar power plants.

Japan's agri-solar symbiosis solar project site was connected to the grid in November, with a capacity of about 2MW, and is currently negotiating cooperation projects in Thailand to expand overseas markets. GreenRock has worked with Lightsource bp to develop solar projects in Taiwan. GreenRock collaborated with Taiwan-based Cathay Private Equity Co and another company to build a power storage investment platform. The company has built more than 600 MW of solar and more than 430 MW of power storage assets in Taiwan, focusing on large-scale projects above fish ponds.

 

List of Key Transactions - Q4 2024

Source: YOG INFRA analysis

 

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