Week in ASEAN: UOB launches U-Solar programme in Thailand to Support Local Solar Industry Ecosystem, Solar Power Surges In Vietnam, Dimming Prospects For New Coal Plants, Gunkul Engineering acquires 60 MW of solar in Vietnam and More

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Dehui Solar Shifts Market Focus to the US for Dynamic Growth

Dehui Solar, one of the biggest PV manufacturers in Vietnam, announced its strategic shift to focus on the US solar market over the next three years, with plans to target utility-scale buyers by embracing bifacial technology.Dehui Solar eyes to triple its business with the US in the space of three years, using its subsidiary in the country to take shipments from 1 GW in 2020 to 2GW in 2021 and 3GW in 2022.Founded in 2017, Dehui Solar has, in recent years, pivoted from European to US clients. European shipments dropped from 200MW in 2018 92MW to Germany, 65MW to the Netherlands, and 51MW to Spain  to 50MW in 2019.

Solar Imports Declined, Exports Surged in 2019

Solar imports have now declined for two years in a row because of a decrease in installations and the imposition of safeguard duty. Exports, on the other hand, saw a growth of 137% and amounted to $253.01 million in the calendar year 2019. While imports from countries like Vietnam and Thailand saw exponential growth of 217% and 267% respectively, imports from China, Taiwan, and Malaysia declined by 21%, 81%, and 79%, respectively as compared to CY 2018.

Gunkul Engineering acquires 60 MW of solar in Vietnam

Thailand-based Gunkul Engineering Pcl last week announced the purchase of two solar power farms in Vietnam with a combined capacity of 60 MWp. The Tri Viet 1 Solar Power Plant and Bach Khoa A Chau 1 Solar Power Plant, each with a capacity of 30 MWp, are operational since May 2019 and produce electricity under 20-year power purchase agreements (PPAs) with Vietnam Electricity. Gunkul Engineering has acquired the solar parks through its subsidiary Bright Green Power Company Limited for a total consideration of USD 60.6 million (EUR 55.4m). Bright Green Power has bought 100% of Singapore An Yang Pte Ltd and Singapore Yun Yang Pte Ltd, which own the two solar parks, from Sungrow Power (Singapore) Pte Ltd.

UOB launches U-Solar programme in Thailand to support local solar industry ecosystem

Partners Banpu Plc., Bangkok Solar Power and K.G. Solar to promote adoption of solar power among companies and consumers. United Overseas Bank Thai (UOB) today launched U-Solar, Asia’s first solar industry ecosystem , in Thailand to lead the take-up of renewable energy nationwide. Through the U-Solar programme, the bank connects businesses and consumers across the solar industry value chain and helps their transition to a low-carbon economy. The programme is also available in Indonesia, Malaysia and Singapore. In supporting the growth of the solar power industry, UOB provides solar project developers with solutions in green financing, project loans and portfolio financing, as well as cash management services. For Engineering, Procurement Construction (EPC) contractors, UOB offers end-to-end contract-based financing solutions, from bid bonds and letters of credit issuance to performance guarantees and working capital facilities.

Solar Power Surges In Vietnam, Dimming Prospects For New Coal Plants

Economics is a strict mistress. As China and the US wrestle over which country will dominate the world, Vietnam is the beneficiary. Chinese workers have rising expectations which lead to higher wages. Manufacturers are anxious to insulate their supply chains from the effects of trade and tariff wars. Vietnam can often offer lower wages than its giant neighbor to the north, which has led to a surge in manufacturing there. But industry is a voracious consumer of electricity, something Vietnam will need lots of to meet the demand for consumer goods. Until a few years ago, it expected to meet that demand by dotting its countryside with new coal-fired generating stations. But a funny thing happened on the way to becoming a new economic powerhouse. Prices for renewable energy plummeted over the past several years, making wind and solar more competitive with conventional thermal sources of electricity.

Vietnam confirms 20-year FIT for rooftop PV will be maintained at $0.0935/kWh

Vietnam’s state-owned utility EVN has confirmed that it will maintain the 20-year feed-in tariff for rooftop PV installations not exceeding 100 kW in size at the rate of $0.0935/kWh until 2021. The decision to leave the current tariff unchanged was suggested by the country’s Ministry of Industry and Trade (MOIT), which said it is crucial to maintain high levels of solar energy deployment in the residential and commercial segments. Prior to this decision, a lowered tariff of $0.0838/kWh had been proposed. The government has also asked the power utility to be responsible for connecting the new rooftop PV systems in compliance with current rules and without creating grid constraints for the network.

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