China’s Sungrow Renewables plans extra $1 bln investment in Vietnam
Chinese firm Sungrow Renewables plans to invest an additional $1 billion in renewable energy with a combined capacity of one gigawatt in Vietnam, helping the Southeast Asian country reach its net zero emission target by 2050.
Sungrow Renewables vice chairman Winson Jiao made the statement at a Monday meeting with Vietnamese Deputy Minister of Industry and Trade Nguyen Hoang Long.
The event followed a meeting between Winson Jiao and Vietnamese Prime Minister Pham Minh Chinh in May, which focused on the company’s strategy in Vietnam.
Delegations of the Ministry of Industry and Trade (left) and Sungrow Renewables at a meeting in Hanoi, October 14, 2024. Photo courtesy of Cong Thuong (Industry & Trade) magazine.
At the Monday meeting, Sungrow Renewables called on the ministry to help it with renewable energy investments by updating the legal framework for project deployment.
In reply, Nguyen Hoang Long suggested Sungrow Renewables focus on battery energy storage systems (BESS) within renewable energy systems, as BESS is inevitable for the stable and safe operation of renewable energy systems.
Suitable BESS technology can improve the reliability of renewable energy, the deputy minister added.
Sungrow Renewables has invested in Vietnam since 2017, with a wind and solar energy portfolio of nearly 600 MW.
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