SEACEF launches investment in 500MWp floating solar energy plant in Vietnam
The project aims to address Vietnam’s power shortage.
The Southeast Asia Clean Energy Facility (SEACEF), managed by Singapore-based Clime Capital, announced that it has invested at the development phase of an innovative floating solar and storage project in Dong Nai Province, Vietnam, under development by Blueleaf Energy.
The development comprises a floating solar and storage peaking plant with a target capacity of
500 megawatt peak (MWp) floating PV with battery energy storage system (BESS) up to 200MWh capacity.
SEACEF said its investment aims to demonstrate that there is an alternative to locking in thermal capacity in Vietnam through a cost-competitive and environmentally sustainable solution.
The project is designed to have the capability to provide mid merit and peaking power that would traditionally be provided by unsustainable or fossil-fuel sources. Through the introduction of energy storage, the project allows the country’s dominant power utility EVN to accommodate increased renewable energy capacity while also reducing stress on its power grid system. The project is expected to avoid an average of ~372kt CO2 emissions per year over a 25-year lifetime and a maximum of 412 ktC02 if the battery uses solar generation to displace peaking diesel generation.
“Vietnam’s Power Development Plan for 2021 to 2030 may include significant thermal power capacities to address an impending power shortage as economic growth drives electrical demand. We believe advanced technologies like solar and storage peaking plants can help address Vietnam’s power shortage issues in a cost-effective sustainable manner,” said Mason Wallick, chief executive officer of Clime Capital.