Waaree Energies ventures into Vietnam with a 49.5 MW solar project
4th Jun 19, New Delhi
Waaree Energies ventures into Vietnam with a 49.5 MW solar project
– International business to contribute over 15% to the overall revenue
New Delhi, June 4, 2019: Waaree Energies, India’s leading solar PV manufacturer and leader in the EPC and rooftop segment, has announced the commissioning and inauguration of their 49.5 MW ground-mounted solar project in Vietnam. The project, in association with Song Giang Solar Power JSC, marks Waaree’s footprint in South East Asia. Developed in the Khanh Hoa province, the plant is expected to generate more than 78,600 MWh per year. Waaree’s international projects are expected to contribute over 15% to their overall revenue in FY 2019-20; and this project will mark the completion of over 600 MW Solar EPC projects.
The project, approved by Vietnam Electricity for 45 MW AC, 49.5 MWp DC, has Waaree as the turnkey EPC partner and the brand will also be responsible for the supervision of the plant’s Operations and Maintenance. Aligned with the objective of achieving Vietnam Government’s target of 12 GW from solar installations, this project will mark Waaree’s presence and expertise internationally. Vietnam, one of the 20 fastest growing economies in the world, has witnessed USD 6.8 billion investment per year in the power sector. Tapping into this growth potential, Waaree’s strategic foray into the Vietnamese market has also generated over 500 jobs for locals residing in the region.
Speaking on the project, Sunil Rathi, Director, Waaree Energies says, “Demand for energy in Vietnam is expected to increase by 10% by 2020 and Waaree is targeting this growing demand. With 100 MW international projects in the pipeline, we are looking forward to aid the solar transition globally. The project is a testament to the quality of work Waaree has delivered till date and the faith that big scale players have in Waaree, across the globe. We pride ourselves with our excellent quality standards which are at par with our international counterparts, making us a significant player in the global industry. Our 5 years projections indicate a substantial growth in our international operation.”
Being Waaree’s first solar power plant in South East Asia, it has a direct current (DC) feature, which has been installed on a 60-hectare site in Cam Ranh City. Local state-owned power company, ‘Vietnam Electricity’, will be the purchaser of the plant’s output and has signed a contract for 20 years based on the feed-in tariff (FiT), set by the Vietnam government. Waaree Energies has clientele spanning across 68 countries, and has a significant revenue stream from their PV manufacturing, franchise and EPC segments.