Italian renewable energy company Enel Green Power is approaching 5,700 MW of master pipeline projects in Vietnam, driven by its new business EGP Vietnam (EGPVN).
Speaking about its new subsidiary, Enel Green Power said that EGP Vietnam officially launches in December 2021 and is already working to increase its pipeline of 915 MW of advanced-stage projects to 1,600 MW by the end of the year.
The announcement was made in an interview on Monday by Chung Gu Yoon, Enel Green Power's head of business development for Asia Pacific, who revealed that EGPVN has set a target to deliver its first utility-scale project by 2024.
The first project is a 160 MW solar PV project and the company expects to be ready to invest in it within the next six to 12 months.
Vietnam's electricity demand has been growing in line with the country's growing manufacturing sector, economy and the size of its middle class, and Chung commented that the country has also been able to add more than 22,000 MW of wind and solar power capacity since 2018, with the country expected to need more than 150,000 MW of renewable energy by 2045 to meet its net zero target five years later.
Vietnam has also begun to unbundle its power generation sector and plans to further deregulate its distribution and retail sectors in the future, Chung added, adding that this could allow Enel Green Power's parent company Enel SpA to enter the market with other business lines.