The Vietnamese government also stimulates renewable energy investment, especially solar power due to its stability and environmentally-friendly feature, via issuing Decision No.11/2017/QD-TTg on an incentive mechanism to develop solar power projects.

Ninh Thuan and Binh Thuan are the two central provinces having the greatest potential for developing renewable energy. These provinces are the areas where BIM Group has implemented its investment and business activities during the past ten years, with Quan The, Tri Hai, and Ca Na Economic Zone project.

According to the plan, the solar farm project, which has a total capital of 30MWp, will cover an area of 35 hectares with a total investment capital of VND800 billion ($35.2 million). By installing 90,000 solar panels and other modern equipment, the plant is expected to generate 50 million kWh per annum once it comes into operation.

According to plan, the solar farm will be connected to the national grid in the third quarter of this year, which is the premise for accelerating other large-scale solar projects with a total capacity of 300MW to generate electricity in the first quarter of 2019.

Doan Quoc Viet, chairman of BIM Group, stated, “As one of Vietnam’s leading diversified groups, BIM Group’s business and investment activities always revolve around sustainability."

BIM Group’s long-term target is to generate 1,000MW of clean energy by 2025. To achieve this, BIM Group has entered into a co-operation with AC Energy, one of the largest groups of the Philippines, to develop the project in Ninh Thuan.

“AC Energy is very concerned about the renewable energy sector in Vietnam and wants to become a pioneer in this sector. The company is pleased to co-operate with BIM Group, and is keen to utilise their massive experience in operating in Ninh Thuan,” said Eric Francia, management director of AC Energy.

BIM Group decided to select Conergy Asia & ME Pte. Ltd. as the contractor, trusting in the company’s more than 20 years of experience and track record of over 300 solar power plants in Europe, the Middle-East, Asia, and the Americas.

“We were pleased to have been selected once again to develop a solar power project in Southeast Asia, especially as this will be our first project in Vietnam,” said Marc Lohoff, general director of Conergy.

Recognised as one of the leading business groups in the country, BIM’s operations are focused on four main business sectors, including tourism development and real estate investment, agriculture-food,commercial services, and renewable energy. The group is one of the few having the capacity to meet the strict quality requirements of international partners.

AC Energy Holdings, Inc., a subsidiary of Ayala Corp., develops and operates solar, wind, and hydro power generation facilities. It has been recognized as the fastest developing firm in the Philippines. AC Energy plans to expand its operation to Indonesia and other markets in Southeast Asia.