First Solar, the leading American company in photovoltaic (PV) industry, has signed a memorandum of understanding with Vietnamese developer, Thien Tan Group, to provide modules for major PV projects which plans to run in Vietnam for the first time.
First Solar will supply its leading-edge technology that offers significant efficiency and reliability advantages over typical crystalline silicon modules for building the renewable energy portfolio that is suitable for a hot and humid climate like Vietnam.
Thien Tan Group who is considered a pioneer in the renewable energy industry in Vietnam has already built a PV factory with a planned capacity of 19.2 MW in Quang Ngai province. The Group also plans other PV projects with $2 billion USD of investment in Ninh Thuan where the biggest PV factories will be operated with a capacity of 1,000 MW. The construction on the first project in Ninh Thuan will begin before the end of 2016. These PV factories will be supported by modern solar modules, supplied by First Solar, once the two parties enter into an official contract for the project.
Vietnam has yet to emerge as a significant end market for solar, despite featuring all the usual prerequisites such as growing demand, high power costs and attractive resources. The cooperation between First Solar and Thien Tan Group will contributes to the development of solar energy industry in Vietnam. Their agreement provides the advanced technology to support large-scale solar energy factories operated in the country. It is also expected to create a promising market for attracting more foreign investment in future in solar and other renewable energies.