AD Green launches $45 mln solar panel plant in northern Vietnam

Vietnamese private conglomerate Damsan’s AD Green has inaugurated a $45 million, 3-gigawatt factory in northern Vietnam, manufacturing solar panels for domestic and overseas markets.

The facility covers almost 8 hectares at the An Ninh industrial complex in Tien Hai district, Thai Binh province.

AD Green CEO Vuong Quoc Duong said they will begin shipping products to customers within and outside the country this month.

Manufacturing solar panels is a new business for Thai Binh-based Damsan. AD Green aims to be a Southeast Asian solar industry pioneer with state-of-the-art technologies and commitment to sustainability, Duong said.

"We are investing in research and development to create highly efficient solar panels that generate clean energy while providing cost-effective solutions for our customers that meet rigorous international standards. We are committed to providing reliable and efficient solar energy solutions to meet the growing global demand and drive the transition towards a sustainable future."

In its first phase, AD Green will have an annual production of 0.5 GW. It targets installing its maximum capacity of 3 GW within the next 12 months. At peak capacity, the plant will supply around 480,000 panels monthly, employing about 600 workers.

Solar is the fastest-growing form of electricity generation in the U.S. and most developed countries. AD Green looks to take advantage of the U.S. tariff exemption for solar panels from Vietnam announced on June 6, 2022 with U.S. Presidential Proclamation 10414.

This 24-month exemption is for solar panels and modules imported to the U.S. from Vietnam, Thailand, Malaysia, and Cambodia. On May 16, U.S. President Joe Biden vetoed a Congress resolution that would have undone his two-year exemption.

AD Green says U.S. solar energy demand is skyrocketing, opening new opportunities for the company to expand its market presence.

Damsan was established in 2006 and has built its reputation in diverse sectors, including manufacturing, textiles, and real estate. This May, it signed a partnership deal with Hong Kong-headquartered ET Solar to develop a 5 GW solar panel factory, also in Thai Binh province. ET Solar said the total investment can go up to $600 million, providing around 1,000 new jobs.

The Hong Kong firm, one of the world’s leading solar module manufacturers, operates its own Vietnam factory in the northern province of Bac Giang. The $30 million project was licensed in 2019.

Meanwhile, Sun Pacific Power Corp. (SPPC) signed earlier this month an exclusive contract to purchase and distribute solar panels in the U.S. on behalf of its Vietnam-based partner GEP New Energy Co. New Jersey-headquartered Sun Pacific Holding, which wholly owns SPPC, announced on June 9 that the two-year contract aims to support the green energy holding company’s new marketing and distribution program.