Recently, Univergy International has partnered with Japanese company European Clean Energy Japan and Vietnam's Thanh Nien Media Corporation to develop a 44.4MW solar project in Dak Nong, Cu Jut, Vietnam.

The project will occupy an area of 51 hectares and Univergy will be awarded by the Danone Agricultural Public Committee of the Plateau Province. It is estimated that it will need to invest 48.4 million U.S. dollars.

It is expected that it will start operations in June next year and provide electricity to Danong and the surrounding areas. The local People's Committee will provide tax incentives for the project and urge the competent authorities and Cu Jut District to support investors in implementing the project.

Executive Director of Univergy International stated that “Vietnam is one of the fastest growing economies in the world, and its energy consumption is growing at an average annual rate of between 8% and 10%. The country will become the largest consumer country.”

Despite major concerns about its PPA model, Vietnam’s utility-scale solar industry has seen an upsurge of project announcements in recent months.

Sterling and Wilson, an EPC company headquartered in India, recently stated that it plans to build a 300MW solar photovoltaic power plant in Vietnam by mid-2019. Thai Power Company Gulf Energy Development also plans to cooperate with TTC Group in the construction of a 48 megawatt solar project in Vietnam.