S Korean giant SK’s renewable energy arm opens Vietnam office

SK E&S, the renewable energy arm of South Korean chaebol SK, has opened its Vietnam office in Ho Chi Minh City, the firm announced Monday.

It said the office will manage its renewable energy projects in Vietnam as also joint ventures with local companies and promote new projects.

SK E&S boasts a “unique green portfolio” of renewable energy, hydro energy, energy solutions, LNG value chain, power generation, and other projects that can contribute to global carbon reduction.

SK E&S, the largest private renewable energy company in South Korea, is tapping Vietnam’s growing renewable energy market with a 131-MW solar energy plant in the central province of Ninh Thuan that it has operated since 2020; a 50-MW offshore wind power plant in the southern province of Tien Giang since 2021; and another 100-MW offshore wind power plant in Tien Giang on which work has just been completed.

Besides these projects, SK E&S has entered into a joint venture called Solwind Energy with local firm Gia Lai Electricity.

Solwind is implementing a roof-top solar power project and a 756-MW wind power farm bordering Laos in the southern province of Tay Ninh.

SK E&S says Vietnam is among the best markets for solar and wind power generation, thanks to strong sunshine and a long coastline.

Vietnam expects renewable energy to make up 50.3% of the total capacity generated by 2030, as outlined in the National Power Development Plan for 2021-2030 with vision extended to 2050 (PDP VIII). The plan was approved by Prime Minister Pham Minh Chinh on May 15 via Decision No. 500/QD-TTg.

Under the plan, coal will account for 20.5% of total power generated by 2030, down from almost 29% in 2020. Gas will make up 21.8%, up from 10.2%. Renewable sources (including hydroelectricity, solar and wind power, and biomass) will account for 50.3%, with contributions from hydroelectricity alone dropping to 20% from 30%.