The approval of PDP8 is a significant step towards greater energy security and reliability and the achievement of Vietnam's net-zero 2050 goals
HOUSTON, May 23, 2023 /PRNewswire/ -- Energy Capital Vietnam (ECV), a project development and holding company established as a platform for direct investment into energy and infrastructure within Vietnam, applauds the approval of PDP8 by the Vietnamese government led by Prime Minister Pham Minh Chinh.
PDP8, developed by the Ministry of Industry and Trade (MOIT), will more than double Vietnam's power generation capacity to 150 GW by 2030 from the 69 GW in use in 2020. Gas is poised to become Vietnam's primary power source by 2030, supplemented by renewable energy, offering reduced emissions and improved environmental impact over coal. This puts Vietnam's declared goals for net-zero carbon by 2050 within reach.
"We are delighted that Prime Minister Chinh has approved PDP8," said David Lewis, Chairman and CEO of Energy Capital Vietnam. "PDP8 is designed to ensure energy security and reliability during a period of rapid economic growth for Vietnam. It supports the development of cleaner power generation while equipping the Government with new legal tools to manage their licensing process better, improving accountability through market feedback, including the private sector. This plan opens the door for foreign investment. It reflects the government's thoughtful deliberation and analysis on how best to allocate their scarce resources towards areas and efforts that yield the highest impact. We applaud the dedication and hard work across the Government, including MOIT and its numerous departments."
ECV is developing large, integrated multi-phase LNG power projects to support Vietnam's energy transition. Additionally, in consultation with the Vietnamese government, ECV is developing a comprehensive, replicable, and socially impactful pathway for reducing the LNG power emissions 'wedge' through simultaneous investment into a portfolio of domestic, high-quality carbon assets. This will significantly reduce net emissions from gas-fired electricity on a trajectory towards net-zero.
"We look forward to continued collaboration alongside the Government and our financing partners, including Maius GmbH, to establish a framework for a bankable LNG power purchase agreement (PPA) in Vietnam that reduces risk to meet both the needs of the private sector and the Vietnamese Government," said Lewis. "ECV is dedicated to providing Vietnam with practical, high-quality solutions to major infrastructure investment."
Energy Capital Vietnam (ECV) is a Houston, Texas-based project development and holding company established as a platform for direct investment into Vietnam's energy and infrastructure sectors.
Frank De Maria
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Source: Energy Capital Vietnam