South Korea’s Solkiss Company will invest in a solar power project on Thac Ba Lake in Yen Binh District, northern Yen Bai Province. — Photo ecchaiphong.gov.vn

South Korea’s Solkiss Company will invest in a solar power project on Thac Ba Lake in Yen Binh District, northern Yen Bai Province, a local official said.

Truong Ngoc Bien, director of the provincial Department of Industry and Trade, said the project will combine wind, solar and water energy to produce electricity. The province and the South Korean company signed a memorandum of understanding (MoU) on the project early this year in Seoul.

According to the MoU, the province will assist the investor in conducting necessary surveys and research as well as in implementing the project. The province will also negotiate with Electricity of Viet Nam (EVN) on electricity selling price.

The Solkiss Company will establish a plant in Yen Bai and train local workers.

The company also pledged to bring more investors to explore investment potential in Yen Bai Province.

Do Young Woo, president of Solkiss Company, said the company will invest VND25 trillion (US$1.1 billion) in building the power plant with capacity of 500 MW.

The Ministry of Industry and Trade expressed support for the investment project in document No 40/TB-BCT, issued on February 23, 2017.

Do Duc Duy, chairman of the provincial People’s Committee, called on the Government and relevant bodies to offer incentives for the project because it was applying advanced and environmentally friendly technology.

He also pledged that the province will create the best conditions for foreign investors, including Solkiss Company.— VNS