WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
Vietnam, US firms sign US$2.5 billion deal on renewable energy
Minh Vu 17:21, 2021/09/22
The deal enables the companies to be in line with Vietnam’s efforts to increase renewable capacity for sustainable development.

Hanoi-based T&T Group and Colorado-headquartered UPC Renewables have signed a memorandum of understanding (MoU) on developing renewable energy in Vietnam on the occasion of the ongoing visit to the US paid by Vietnamese President Nguyen Xuan Phuc.

 Representatives of T&T Group and UPC Renewables at a contract-signing ceremony on Sept 21 (New York time) in the attendance of Vietnamese President Nguyen Xuan Phuc. Photo: Thong Nhat/ VNA

The deal enables the two firms to invest approximately US$2.5 billion in solar, onshore, and nearshore wind farms with a total capacity of 1.5 gigawatts (GW) in the provinces of Ninh Thuan, Dak Nong, Ben Tre, and Bac Lieu.

UPC-formed companies are now operating wind and solar projects globally with a total capacity of 3.5 GW and an investment of over $5 billion. In the Asia-Pacific region, UPC has an additional development pipeline of more than 5 GW comprising 50 renewable projects.

T&T Group is expected to supply 18.4 GW of gas-to-power electricity and renewable energy to the national grid by 2025, the company said on its website.

The cooperation between T&T Group and UPC Renewables will enable them to go further in Vietnam’s power industry that is poised for the development of renewables in the next decades and more.

During the Vietnamese president’s visit, T&T also signed two deals on agriculture worth a combined of $525 million with The DeLong Co., Inc. and Valero, corn growers and corn-fermented ethanol producers in the US.

With the contracts, T&T will import materials for animal feed production. It plans to import 1.25 million tons in 2022.

In the one-week tour earlier this month to Europe by Chairman of Vietnam’s National Assembly Vuong Dinh Hue, T&T Group signed an MoU to launch a strategic collaboration on developing offshore wind in Vietnam’s Binh Thuan and Ninh Thuan provinces.

It also inked some contracts with European partners to import RT-PCR test kids, vaccine, and tech transfer of vaccine production.

Non-hydro renewable sources such as wind and solar made up 5% of Vietnam’s electricity generation in 2020. Expanding non-hydro renewable capacity will likely help Vietnam rely less on coal, reduce carbon emissions, and increase electricity generating capacity to meet the country’s growing electricity needs.

Vietnam had 16.5 GW solar power and 11.8 GW wind power. A further 6.6 GW is expected to be delivered by the end of 2021. The government is also planning to install 12 GW onshore and offshore wind by 2025.

RELATED NEWS
TAG: T&T Group upc renewables Vietnam wind power
Other news
18:35, 2024/10/30
Hanoi to host Vietnam-Asia Smart City Summit 2024
The summit aims to share best practices and promote cooperation among Vietnam's provinces and cities in building and developing smart cities.
15:53, 2024/10/29
Vietnamese spend $8.9 billion on ecommerce
The total transaction volume in the Jan-Sep period increased by 37.7% compared to the same period last year.
14:48, 2024/10/29
Hanoi steps up inspections to crack down on unsafe food
The purpose of the survey is to gain a thorough understanding of the local food safety situation and to identify non-compliance promptly, allowing for corrective actions to be taken to mitigate health risks.
22:24, 2024/10/23
SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
The exhibition aims to develop the ancillary industry ecosystem and attract investment from the world's leading semiconductor companies.
21:50, 2024/10/22
Hanoi targets double-digit growth over next decade
The economic goal will require the cooperation and accountability of all city departments.
20:59, 2024/10/20
Hanoi's industrial production shows positive growth
To foster industrial growth, Hanoi aims for all key industrial enterprises to benefit from the city's support policies.