Sunseap International and a Singapore infrastructure development and investment company will jointly develop a solar power project in Vietnam.
Sunseap International - the global arm of clean energy provider Sunseap Group in Singapore - and InfraCo Asia Development said yesterday they had signed an agreement to develop the 168 megawatt-peak utility-scale solar power project.
The project is in the Ninh Thuan province, on the south-central coast of Vietnam. It is one of the first large-scale solar projects in the country, the two parties said.
The annual amount of electricity generated is expected to be able to power up to 200,000 households in the country.
InfraCo Asia will provide funding for the development phase of the project.
Sunseap International will continue to hold a majority stake in the project, while InfraCo Asia will take a minority stake alongside Sunseap's existing partner, CMX RE Canada.
The two firms said that during the construction phase, the solar power project will create jobs for more than 200 local workers. About 30 long-term jobs will be sustained when the project is in operation.
The project is expected to reach commercial operation by June next year.
Electricity demand in Vietnam is growing 12 per cent annually.