Transforming Vietnam''s renewable energy infrastructure market
It involved extensive modelling exercises to demonstrate that it was very unlikely for the project to be cancelled due to Vietnam''s future energy needs. Curtailment risk was
This article examines Vietnam's key policies and models that have played a crucial role in driving the expansion of solar energy. They can provide guidance for addressing market challenges, drawing in new investments, and advancing a country toward its climate targets.
The introduction of the FiT was a significant catalyst, driving a rapid increase in solar capacity and establishing Vietnam as a leader in Southeast Asia's renewable energy landscape. Although the FiT mechanism has since expired, new opportunities have emerged to sustain and expand solar energy development in the country.
Vietnam is now developing a competitive bidding mechanism for solar energy to improve grid efficiency, promote competition, and ensure a stable energy supply, but it's currently in the works and hasn't been implemented yet. As such, Vietnam has been in a transition phase since the end of the FiT policy.
Previously, owners of private solar power plants, whether rooftop or large-scale, could only sell electricity to the grid through conventional power purchase agreements (PPAs), with no option for direct sales to consumers. In Vietnam, there are two types of DPPAs: private-wire DPPAs and on-grid DPPAs.
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