Global Infrastructure Facility approves $1.5 mil funding for VN's solar auction

The Global Infrastructure Facility (GIF) has approved US$1.5 million in funding to support the World Bank’s work with Vietnam on a pilot solar auction program.

Global Infrastructure Facility approves $1.5 mil funding for VN's solar auction

The GIF and the World Bank’s Energy Global Practice will help Vietnam design and structure the auction program to transfer from a feed-in tariff mechanism to a sustainable competitive auction mechanism for solar energy.
The program will help Vietnam resolve increasing demand for energy and promote inclusive growth by creating a favorable environment for the private sector’s participation.
The Ministry of Industry and Trade’s solar competitive bidding program aims to accelerate investment in the field of energy efficiency and renewable energy to increase the country’s diversification of electricity generation and reduce carbon dioxide emissions.
The Southeast Asian country targets to bring 12 gigawatts of solar energy onto the national grid by 2030.

By LAC PHONG - Translated by DAN THUY

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