Tran Van Can (C), chairman of the Long An Province People’s Committee, and representatives of BCG Bang Duong Joint Venture and Korea’s Hanwha Group at the signing of an agreement to build a US$100 million solar power project in Long An on June 22. — VNS Photo

BCG Bang Duong Joint Venture and South Korea’s Hanwha Group have signed an agreement to set up a US$100 million solar power plant in Long An Province.

The ​​125ha plant in Thanh Hoa District will have a capacity of 100MW.

Construction is expected to start in the first quarter of next year, and it will begin to generate electricity in 2019.

Under the agreement, BCG Bang Duong will arrange capital sources, obtain the licence for the project, implement the project and negotiate a power purchase contract with Electricity of Viet Nam, the country’s sole power distributor.

Hanwha will provide the technology and equipment, carry out the installation and arrange international funding for the project.

Nguyen Ho Nam, chairman of BCG – one of the two companies in the joint venture – said, “Understanding the importance and benefits of renewable energy amid rising electricity demand, BCG has chosen to enhance investment in renewable energy projects.

“With Hanwha Group’s experience and modern technologies in the renewable energy field, we believe that [the plant] will [help] mitigate climate change and protect the environment.”

The agreement was signed in Long An on June 22 in the presence of provincial leaders and officials.

Hanwha, founded in 1952, is the eighth largest Korean corporation and has interests in petrochemicals, aerospace, construction, finance, renewable energy, and others.

BCG Bang Duong Joint Venture, a joint venture between Bamboo Capital JSC (BCG) and Bang Dương Investment - Construction - Trading Company, specialises in infrastructure development, real estate and renewable energy. — VNS