Vietnam’s first, Southeast Asia’s largest floating solar project secures funding


Da Mi Hydro Power Joint Stock Company has signed an agreement with the Asian Development Bank for the provision of funding to develop Vietnam’s first large-scale floating photovoltaic solar energy facility.

The 47.5MW solar energy plant will be built at the utility’s existing 175MW hydropower plant.

The ADB and the Canadian Climate Fund are providing $37 million in loan for the development of the floating solar system which is claimed to the first large-scale installation of floating solar PV panels in Vietnam and the largest installation in Southeast Asia.

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ADB is contributing $17.6 million in a loan, along with $15 million from the Canadian Climate Fund, and Leading Asia’s Private Infrastructure Fund in cooperation with the Japan International Cooperation Agency will provide a combined $4.4 million loan.

Christopher Thieme, deputy director-general for ADB’s private sector operations, said: “This project will help to boost the share of renewable energy in Viet Nam’s overall energy mix and decrease the dependence on imported fossil fuels such as coal.

“The pairing of these two clean energy technologies—hydropower and solar—is a simple but highly innovative achievement, which can be replicated elsewhere in Viet Nam and across Asia and the Pacific.”

Nguyen Trong Oanh, chairman of the board of DHD, added: “We are proud to be the first company in Viet Nam to construct a floating solar power plant on a hydropower reservoir.

“This project aligns with DHD’s strategy of investing in renewable energy to decrease dependence on fossil fuel, contribute to energy security, mitigate climate change, and promote environmental protection and sustainable socio-economic development. Hydropower reservoirs in southern Viet Nam have vast solar power potential. Capitalizing on the strong relationship between EVN and ADB, we have worked together to catalyse a new source of power for the country.”