IFC-member of the World Bank Group and the Armstrong clean energy fund said they would support to develop renewable energy in Vietnam as if investments in Gia Lai Electricity Company (GEC) on June 30.
Accordingly, IFC & Armstrong became GEC’s shareholders with a combined stake of 36 percent of investment capital, helping GEC expand its hydropower plants and invest in renewable energy segments such as wind & solar power.
GEC current is one of Vietnam’s largest private hydropower enterprises with capacity of 84.4MW for 15 large & smal –scale hydropower plants.
Vietnam’s power consumption is higher than recent years, average doubling average economic growth rate.
The renewable energy development projects will contribute implementing the government’s target of increasing Vietnam’s installed power capacity of 14 percent per year in the period 2015 to 2030.
The investment from IFC and GEC’s renewable energy projects will encourage investors to take part in the potential green energy industry in Vietnam.