TTC Green Energy Investment Joint Stock Company and Vietinbank signed insurance and credit contracts for the TTC No 1 solar power plant on Thursday.

Vietinbank will provide credit worth VND1 trillion (US$43.5 million) for the plant, which will be built on 78.42 hectares of land in An Hoa Commune, Trang Bang District, Tay Ninh Province.

Vietinbank Insurance Company Ltd will provide insurance for the plant’s power output.

The plant will have a 68.8MWp capacity and require a total investment of around VND 1.6 trillion.

TTC Green Energy is a joint venture between Gulf Energy and TTC Group.

The Vietnamese Government is focusing on developing renewable energy, issuing the Renewable Energy Development Strategy to set a plan that will last until at least 2030. It involves policies that provide incentives for solar power projects.

Many solar projects are being developed in provinces with high potential to produce solar power such as Binh Dinh, Binh Thuan, Ninh Thuan, Khanh Hoa, Tay Ninh, Long An and Soc Trang.

As of September, Tay Ninh had attracted VND 20 trillion of investment in 10 solar power projects with a total capacity of 808 MW.

Construction has already started on nine of the 10 projects, and they are expected to generate power by June 2019. — VNS