NXT News $300M Solar Project
Natcore receives Vietnamese gov't OK for solar project
2017-01-10 10:16 ET - News Release
Mr. Chuck Provini reports
NATCORE'S 200 MW VIETNAM SOLAR PROJECT RECEIVES ESSENTIAL GOVERNMENT APPROVALS
A $300-million (U.S.) solar project managed by Natcore Technology Inc. has been included in the list of selected projects for the development of solar energy in Vietnam's Binh Thuan province and has been approved by the Province People's Committee.
Next up -- confirmation by VietNam Electricity (EVN), and by the Ministry of Industry and Trade (MOIT)
Only projects listed and approved in this manner can be developed in Binh Thuan province. EVN is the largest power company in Vietnam, with an installed electricity generation capacity of 23,579 megawatts and a transmission network of 13,597 miles (as of 2015). MOIT is the Vietnamese government ministry responsible for the advancement, promotion, governance, regulation, management and growth of industry and trade.
The 200-megawatt project will be completed in several phases. By developing the project in tranches, Natcore and its partners will be able to generate revenue before the entire project is completed. The first site would occupy 95 hectares (235 acres).
At the request of financial institutions, including banks and investment funds, Natcore has completed these documents for submission:
- Feasibility study for a preliminary project of 56.18 megawatts;
- Business plan;
- A partial information memorandum;
- Land use agreement.
Natcore is working on the project with a European developer of international renewable energy projects and a Vietnamese consortium. A holding company will be formed to develop the project.
This project is an outgrowth of Natcore's best-of-breed program, under which the company functions as a consultant on the design and construction of solar cell/solar panel fabrication facilities and solar power farms. As part of this service, Natcore recommends a selection of manufacturing equipment to its clients. For the Vietnam project, Natcore has already received offer from suppliers of these components and services:
- Modules;
- Inverters;
- Design, engineering and supervision;
- Engineering, procurement and construction;
- Electrical substation.
Natcore first announced the project on Aug. 16, 2016, when the company and its partners signed a memorandum of understanding. Natcore will be compensated on a cost-plus basis and with licensing fees for its technology as it is provided.
"We're extremely excited about the rapid advancement of this project and our achievement of these key benchmarks," says Natcore president and chief executive officer Chuck Provini. "We expect to travel to Vietnam in the near future to finalize the next steps with our local partners."
About Natcore Technology
Natcore Technology is focused on using its proprietary nanotechnology discoveries to enable a variety of compelling applications in the solar industry.
We seek Safe Harbor.