Thanh Thanh Cong Group (TTC) plans to develop 20 solar power projects nationwide with a total capacity of 1,000MW by 2020.

The information was revealed in the TTC’s conference for customers in the energy sector held in HCM City last week.

Solar energy is one of the four major segments of the firm’s investments in renewable energy, besides hydro, wind and thermal power.

Thai Van Chuyen, the firm’s CEO, said that the group would spend about US$1 billion on several potential projects including Thanh Long solar power plant on 37ha, TTC Tan Hung solar power plant on 68ha and Tanisugar Tan Phu on 75ha.

Under the plan, TTC will deploy 20 solar power projects in the southern province of Tay Ninh, the southern coastal provinces of Binh Thuan and Ninh Thuan, Hue ancient city in the central province of Thua Thien-Hue and the Tay Nguyen (Central Highlands) province of Gia Lai with the maximum investment capital of VND20 billion ($881,000) per MW, internal rate of return of at least 15 per cent and payback period less than 12 years, Chuyen added.

These projects are scheduled to start from the fourth quarter of this year.

As regards capital issue, TTC will contribute 30 per cent of the capital, the rest will be mobilised from banks and financial institutions.

By 2020, TTC hopes to reach a capacity of 1,000MW in solar power and 40MW in wind power, accounting for 73 per cent of the group’s total energy portfolio.

In Viet Nam, renewable energy resources are mainly hydropower. It is projected that by 2025, the country will need to invest $74 billion in power plants to meet growing demand.

The Government has pledged to increase electricity capacity by 14 per cent per year from 2015 to 2030.

TTC is one of the leading companies in Viet Nam’s sugar industry, holding a controlling stake in many large sugar companies. — VNS