Scatec Solar Brings on MT Energy For 485 MW Solar Projects in Vietnam

Scatec Solar is envisioned to provide the project’s equity funding. In addition, the company will be the turn-key EPC provider and will be providing Operation & Maintenance as well as Asset Management services to the projects.

Norway-based Scatec Solar has partnered with MT Energy, a Vietnamese energy company, to develop, finance, construct and operate large-scale solar projects in Vietnam.

The strategic collaboration agreement covers three projects located in Binh Phuoc, Quang Tri, and Nghe An provinces. The projects total 485 MW and are targeted to be realised under a new feed-in tariff regime that is expected to be launched later this year.

The agreement will be presented to the Vietnamese Prime Minister, Norway’s Minister of Trade and Industry and other high-level officials during a Vietnam-Norway business forum organised as part of the Vietnamese Prime Minister’s official visit to Norway.

“With this partnership, we take the first step in positioning Scatec Solar for the growing solar market in Vietnam. As an affordable, fast and reliable source of energy, we believe solar energy has tremendous potential in Vietnam”, said Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar is envisioned to provide the project’s equity funding. In addition, the company will be the turn-key EPC provider and will be providing Operation & Maintenance as well as Asset Management services to the projects.

In April, the Norwegian company announced that it has grid-connected and reached commercial operation for 65 MW of its 400 MW Benban project in Egypt. The Benban solar power plant is Scatec Solar’s largest project under construction, and the company is the largest contributor to the 1.5 GW Benban site – the world’s largest solar park. In April 2017, the firm with its partners KLP Norfund and Africa 50 signed a 25-year Power Purchase Agreements (PPA) with the Government of Egypt for delivery of electricity from six solar plants, equal in size, totaling 400 MW.