World's largest solar energy group eye investment in renewable energy in Vietnam

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Adani Green is looking to invest in the Vietnamese renewable energy industry. Illustrative photo: Bussiness Standard

Recent years have witnessed several Indian firms with billions of dollars in turnover decide to make long-term investments or surveys in an effort to prepare investments or expand their current business dealings in the country, including Adani Group. Their intention to get involved in the local renewable energy sector was first presented by the CEO of Adani Group during his working trip to Vietnam in 2018 in a meeting held with Prime Minister Nguyen Xuan Phuc, VOV reported.

As a multidisciplinary industrial group that operates globally through six public companies, Adani Group has a total revenue of US$15 billion along with a market capitalization of US$30 billion. Most notably, they have poured money into building greater transport infrastructure facilities throughout India.

At present, TSV Joint Stock Company and Adani Company are in the process of carrying out operations at the Phuoc Minh Wind Power Plant Project in Ninh Thuan.

According to Mercom Capital, last year saw the nation among the top five markets in terms of annual solar power system installation capacity. With the local economy forecast to grow between 6.5% and 7.5% annually until 2030, the country will need approximately 90,000 mW and 130,000 mW of power by 2025 and 2030, respectively.

Mercom Capital has stated that renewable energy will be a leading priority aimed at assisting Vietnam to reduce its dependence on fossil fuels, whilst also dealing with issues relating to pollution and promoting sustainable development.

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