Terra Wood is proposing a $400 mln wind and solar energy project.
German green energy firm Terra Wood has revealed plans to invest $400 million in a wind and solar electricity project in Vietnam, contributing to an active week of renewable energy deals made by foreign investors.
The energy company has submitted an investment plan to build the project in Vietnam’s south central province of Quang Ngai, and on-site inspections started on August 3, according to the local People's Committee website.
Terra Wood's is the third renewable energy deal proposed to Vietnam in a week following a hydropower project run by the World Bank’s International Finance Corporation and Armstrong S.E. Clean Energy Fund and The Blue Circle’s wind energy project in Ninh Thuan Province.
Chairman of Quang Ngai People's Committee Tran Ngoc Cang welcomed the project and said the province will help facilitate the German investor's project. Cang also gave permission for Terra Wood to conduct research and surveys for the wind and solar electricity plants in Quang Ngai.The German-owned energy company will develop two electricity power plants, one wind and one solar, which will cover a total of 600 hectares with an output of 300 megawatts and total investment of $400 million.
Quang Ngai has immense potential for the development of wind and solar electricity, especially in the districts of Mo Duc and Duc Pho and the famous Ly Son Island. A number of foreign investors are also looking at electricity and renewable energy exploitation in Quang Ngai.
Beside Quang Ngai, foreign-invested solar and wind energy projects have been registered across the country, but only a few have been put into operation due to low electricity prices.
Terra Wood is an international group of consultancy, engineering and project development companies dedicated to green energy projects. Within the network, Terra Wood Vietnam is the country representative of Germany's ProfEC GmbH, which specializes in turnkey wind, biomass, biogas, wind, solar and Clean Development Mechanism (CDM) projects.
Reference Resource: Bao Vnexpress