Italian renewable energy company Enel Green Power’s total pipeline project in Vietnam is close to 5,700 MW, driven by its new business EGP Vietnam (EGPVN).
Speaking of its new subsidiary, Enel Green Power said EGP Vietnam officially launched in December 2021 and is already working to increase the 915 MW pipeline of advanced-stage projects to 1,600 MW by the end of the year.
The first project is a 160 MW solar PV project, which the company expects to be ready for investment in the next six to 12 months.
Electricity demand in Vietnam has been growing with the size of the country's manufacturing, economy and middle class. Chung commented that the country has also been able to add more than 22,000 MW of wind and solar power generation capacity since 2018, and is expected to need more than 150,000 MW of renewable energy by 2045 to achieve that five years later the net zero target.
Vietnam has also started to spin off its power generation sector and plans to further deregulate the distribution and retail sectors in the future. This could allow Enel Green Power's parent company, Enel SpA, to enter the market with other business lines, Chung added.
