T&T Group, a private multi-sector corporation, successfully raised nearly VND2.74 trillion ($120 million) via bond issuances for its wind power projects in the first months of the year.
Its subsidiary Yang Trung Wind Power JSC on Monday reported on its $24 million proceeds from bond issuances during December 22, 2021 - March 18, 2022.
On the same day, another member unit, Hoa Dong 2 Wind Power Co. Ltd, successfully raised $59.8 million from bonds during December 24, 2021 - March 18, 2022.
In the same period with Hoa Dong 2’s issuance, Cho Long Wind Power JSC and Phuoc Huu - Duyen Hai 1 Ltd. issued bonds worth $22.8 million and $13.1 million, respectively.
T&T Group, with tycoon Do Quang Hien being chairman and CEO, is known as a major player in Vietnam’s renewable energy field in recent years.
It has developed and operated several wind power plants in the south central coast of Vietnam, including Yang Trung, Cho Long, Hoa Dong 2, and Phuoc Huu-Duyen Hai 1.
The group is also heavily investing in other renewable energies such as solar and LNG power.
The group currently owns four solar power plants on national grid connections, with a total capacity of 245 MW, including the 45MW Phuoc Ninh project, the 100MW Thien Tan 1.2 project, the 50MW Thien Tan 1.3 project, and the 50MW Hong Liem 3 project.
T&T has shown its interest in a $6 billion LNG-fueld power project called Cai Mep Ha in Ba Ria - Vung Tau province, southern Vietnam. Its partner is the US’s Gen X Energy. As planned, the project will be implemented in three phases, set to be completed in 2023, 2026, 2030 respectively.
The corporation also proposed to develop the Son My 3 and Son My 4 LNG power plants in Binh Thuan province, with a combined capacity of 3 GW. The figure for each of its three phases is 1.5 GW.
In the central province of Ha Tinh, T&T wants to cooperate with PV Power to develop a $3.5 billion LNG project in Vung Ang Economic Zone.
Together with Korea Gas Corporation (KOGAS), South Power (KOSPO) and Hanwha Energy (HEC), the Vietnamese group is participating in the Hai Lang LNG power complex phase 1 in Southeast Quang Tri Economic Zone, the central province of Quang Tri. The $2.3 billion project is expected to start commercial operation in the period 2026-2027, producing 1,500 MW in phase 1.
T&T Group and Phongsubthavy Group on March 22 signed an MoU to develop renewable energy projects in Laos, with a total capacity of 2,500 MW. The projects aim to export power to Vietnam.
T&T wants to develop 12,000-15,000 MW in total by 2030, accounting for about 10% of Vietnam’s total installed power capacity.
Its main business lines are finance and investment, real estate, industry and trade, energy, agriculture, forestry and fisheries, transportation infrastructure, health, education, and sports.