Workers install solar panels at the TTC Phong Dien solar power plant. — Photo courtesy of IFC

The International Finance Corporation (IFC)’s chief executive officer Philippe Le Houerou on Saturday will visit the TTC Phong Dien solar power plant, the first private grid-connected solar farm in Viet Nam, during his official visit to the country.

Inaugurated last October in Phong Dien District, Thua Thien-Hue Province, the solar power plant has a capacity of 35MW with total investment capital of nearly US$42.9 million. It was developed by Gia Lai Electricity Joint Stock Company (GEC) with IFC support.

IFC, a member of the World Bank Group, has supported solar and wind power in Viet Nam via equity investments and anchor investments in green bonds.

“Viet Nam’s development achievements and its economic rise have been remarkable,” Le Houerou said. “The country is now one of the fastest growing economies in the world, with a strong manufacturing base and a young, dynamic workforce. The economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing.”

Entering Viet Nam in 1992, in addition to supporting renewable energy, IFC has engaged in other sectors including infrastructure development and equity fund supporting small and medium enterprises.

“We are committed to continuing our work to mobilise finance and unlock private sector solutions to help Viet Nam achieve its aspirations of becoming a modern dynamic middle-income country,” Le Houerou said.

During his visit, he will meet senior government officials and business representatives and tour projects supported by IFC. – VNS