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Steering solar

Released at: 15:17, 07/01/2016

Steering solar

Gia Lai Electricity JSC is expending its best efforts in developing solar power facilities and is now seeking cooperation with partners.

by Hoang Thu

Developing green business and renewable energy are notable business trends gaining great interest from enterprises and support from local authorities in Vietnam. Under the direction of its parent company, the TTC Group (TTC), Gia Lai Electricity JSC (GEC) is actively pursuing green business activities.

With a great deal of experience in investing and developing small and medium-sized hydropower projects as well as other renewable energy forms such as wind power and solar power, GEC has now taken on a role in consulting, constructing, and installing electricity systems from solar energy for offices, hotels, and industrial parks owned by TTC.

GEC is also one of the pioneering companies in response to the program encouraging solar power investment launched by the Ho Chi Minh City Department of Science and Technology on September 1, 2015. Households and enterprises participating in the program will receive support of VND2,000 ($0.09) for every kWh of solar power they produce.

According to a representative from GEC, the initial average investment in each kWh of solar power is relatively high, at about VND35 million ($1,552). TTC in general and GEC in particular, however, remain determined to follow their plans. This is not only a strategic business step but also suitable with TTC’s vision, as it always leads its subsidiaries in meeting clean and green business standards and environmental protection.

GEC also consulted and researched potential areas for installing solar power system for TTC’s subsidiaries in the central highlands and Mekong Delta provinces during the fourth quarter of 2015. Its activities target establishing solar farms and solar power plants with large capacity, especially in areas with hot and harsh climates.

According to GEC experts the plan will help to take advantage of potential areas where there are found to be difficulties in conducting farming or developing manufacturing industries.

According to insiders this business direction is also suitable with the contents on developing solar power in remote areas contained within the Vietnam Renewable Energy Development Strategy to 2030 and Vision to 2050 approved recently by Prime Minister Nguyen Tan Dung. Investment in solar power will bring major benefits to the business community and society, including promoting access to a stable, clean, and green energy source. Solar power systems are also evaluated as being highly durable, with a lifespan of about 25 years. Solar cells, meanwhile, can obtain 80 per cent of their expected capacity in the first 15 years.

GEC, formerly known as the Gia Lai - Kontum Electricity Company, was established in 1989. After 26 years of operations the company’s total assets have reached nearly VND1.1 trillion ($50 million) and it has directly invested and developed 14 hydroelectric plants and many other electrical projects.

GEC is now seeking opportunities for cooperation with other enterprises, especially foreign-invested enterprises (FIEs).

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