Singapore-based commercial and industrial solar developer Cleantech Solar has secured a US$75 million in green finance from ING Bank, the Asia Pacific’s largest ever C&I solar green loan. As the world’s fastest growing electricity market, South East Asia is crying out for this kind of investment.
Hanoi has set new feed-in tariff rates for utility-scale, rooftop and floating PV projects, ending a long period of policy uncertainty. The government has announced the new rates, which are broadly in line with industry expectations, roughly 10 months after the expiration of its old tariffs.
The Asian Development Bank says developing countries in Asia and the Pacific should consider developing their own solar industry supply chains as the Covid-19 pandemic has exposed their over-reliance on China to carry through the energy transition.
A new report from financial think-tank Carbon Tracker has found that coal developers risk wasting more than $600 billion due to stubborn resistance to the already cheaper electricity resources provided by renewable energies worldwide. The report finds, in short, that a new coal plant is about as prudent an investment today as a Clydesdale and cart.
In a newly published policy document, Hanoi has urged regional governments and the country’s state-run utility, EVN, to suspend authorizations for new solar parks until further notice. Around 8.93 GW of utility-scale solar capacity is already approved for development in Vietnam, according to the Ministry of Industry and Trade.
With the publication of Notification No. 402/TB-VPCP on Nov. 22, the Vietnamese government has cemented its transition from feed-in tariffs to auctions, in a clear step away from earlier promises to revive the FIT scheme.
The tariff for rooftop PV will be maintained at $0.0935/kWh but payments for ground-mounted and floating solar could be cut to $0.0709/kWh and $0.0769, respectively. The previous FIT scheme, according to government figures, has driven the deployment of around 5 GW of solar generation capacity.
The global expansion of PV, wind power and other clean energies will see double-digit growth this year as solar continues to lead the pack.
Vietnam had already successfully commissioned 1.5 GW of utility-scale PV at the end of May this year, and there is no sign of this slowing down, with another 2 GW teed up for June 2019. The breakneck speed in development is making Vietnam a powerhouse in the region in installed capacity, even nipping at the heels of Australia. Rystad Energy’s Minh Koi Le looks at the state of play in the Vietnamese solar market.
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