Ninh Thuan Solar Power

InfraCo Asia supported the development of Vietnam’s solar sector by bringing to life one of its first utility-scale solar farms, funded by 100% foreign debt and equity


Vietnam has significant potential and plans for renewable energy, specifically in the solar photovoltaic, wind, biomass and hydropower sectors. The country’s Revised Power Development Master Plan emphasises the importance of all renewable energy sources. In the case of solar, the master plan targets to achieve 850 MW in 2020, about 4,000 MW in 2025 and about 12,000 MW by 2030 – more than 14x growth in capacity in a 10-year span.

To help achieve these ambitious targets, the Vietnam government issued a decree on mechanisms for encouraging the development of solar power in the country. The decree covers both commercial as well as rooftop projects, and includes guidelines on PPA for solar projects, as well as the approval process, power development plans, technical requirements, and tariff structures.

Even with government support for solar growth, the path to increasing the country’s solar generation capacity is not without challenges. Lack of project development capacity, limited access to mainstream financing, and perceived sovereign risks are major barriers to development of solar projects in Vietnam.

Through projects like Ninh Thuan Solar Power, InfraCo Asia aims to support the development of Vietnam’s solar sector by providing the development expertise and early stage development equity needed to catalyse growth. Applying IFC Performance Standards throughout the development phase is one way InfraCo Asia will demonstrate a globally recognised approach to project development.

The Project

The Ninh Thuan Solar Power is a 168-megawatt peak (MWp) utility-scale solar farm located in the My Son commune, Ninh Son district, Ninh Thuan province of Vietnam.

The Ninh Thuan Solar Power plant was developed by a joint venture company established by Sunseap International (Sunseap) and InfraCo Asia Development Pte. Ltd. (IAD). Headquartered in Singapore, Sunseap is a privately held solar developer and independent power producer (IPP) that develops, builds, finances, owns and operates solar projects in the South East Asian and Pacific regions.

Power generated from the solar farm is sold to EVN, the national utility company through a 20-year Power Purchase Agreement (PPA) that provides a Feed-in-tariff (FIT) in Vietnamese Dong equivalent to US 9.35 cents / kWh. The Ninh Thuan Solar Power was initially scheduled to complete construction by Q4 2019, but instead achieved an early COD on 15 June 2019. The annual amount of electricity generated from the project will be able to power over 153,000 people in the country.

Learn more about the impact of the Ninh Thuan Solar Power project:

Project Overview
CMX Renewable Energy Solar Power Joint Stock Company
My Son commune, Ninh Son district, Ninh Thuan Province
Power & Energy (Solar)
COD Achieved on June 15, 2019, divested equity stake in March 2020, mezzanine loan repaid in April 2021
  • Financial close achieved in Q4 2018
  • Construction commenced in August 2018
  • Achieved COD in June 2019
Total Project Cost
Funding Committed
US$10.6M as joint venture partner
IAI Investment
US$9M in mezzanine debt
Other Shareholder(s)
Sunseap International


Development Impact
  • Over 1,300 temporary jobs created in the construction phase
  • Approximately 52 long-term jobs created for the operations & maintenance phase
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