Vietnamese hydropower company secures financing for 47 MW floating PV project

Da Mi has $37 million for a floating solar project it wants to build at its hydropower plant in Binh Thuan province. If built before 2022, the project will be entitled to a feed-in tariff of $0.0769/kWh – provided a draft FIT scheme being considered by the government is passed into law.

The Asian Development Bank (ADB) has provided a $37 million loan to the Da Mi Hydropower Joint Stock Co unit of Vietnamese power company Electricity of Vietnam, for a 47 MW floating power plant.

The multilateral lender said the project will be developed on a man-made reservoir at the company’s 175 MW Da Mi hydropower plant in Binh Thuan province, on Vietnam’s southeastern coast. “We are proud to be the first company in Vietnam to construct a floating solar power plant on a hydropower reservoir,” said Da Mi president Nguyen Trong Oanh.

The loan consists of $17.6 million from the ADB; $15 million in low-cost finance from the Canadian Climate Fund for the Private Sector in Asia I and II cash pots; and $4.4 million from the Leading Asia’s Private Infrastructure Fund, which is backed to the tune of a $1.5 billion equity commitment by the Japan International Cooperation Agency.

The 51.55ha floating PV plant, which has been in development since 2017, will include 5.8ha for transmission lines. The power lines will intersect three communes: La Ngau, in Tanh Linh district; and La Da and Da Mi in Ham Thuan Bac.

If built before 2022, the project could be entitled to a feed-in tariff (FIT) of VND1,758/kWh ($0.0769), provided a draft FIT scheme is approved by the government.

Da Mi is reportedly also considering floating projects at its other three dams: the 300 MW generation capacity Ham Thuan facility, Da Nhim (160 MW) and Song Pha (7.5 MW).

The ADB is also supporting floating PV in Afghanistan, Azerbaijan, and the Kyrgyz Republic.

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