Make it rain: Vietnam granted licences for solar projects worth $3.3b

AES alone inked a $750m deal.

Reuters reported that Vietnam's Daklak province on Saturday granted licences and signed memorandums of understanding for the development of several solar power projects worth a combined $3.3b.

The report added that Vietnam has been mostly reliant on coal-fired and hydro power plants to accommodate its annual electricity demand growth of around 11 percent, but wants to boost its renewable energy output amidst rising resources scarcity and environmental issues.

"U.S. group AES Corporation signed an memorandum of understanding with the province to invest $750 million in a solar plant with expected capacity of 300-500 megawatts," Reuters said.

View the full report here.