September 4 (Solar) – Limes Renewable Energy announced today that it has set up offices in Vietnam, where it has an existing project pipeline of around 500 MWp and is evaluating a further 500 MWp.
The company said in a statement that it is preparing for the next round of feed-in tariffs (FiTs) in Vietnam after working in this market for a whole year now. It has opened offices in both Hanoi and Ho-Chi Minh City.
“We chose Vietnam to kick-off our local operations in the [South East Asia] Region because we believe the addressable market for both PPAs with EVN, the local utility, and private PPAs will be huge,” commented managing director Cristiano Spillati.
Limes has formed different strategic partnerships with local partners and has gained access to a roughly 500-MWp pipeline of projects that will be developed in the most promising provinces. It currently has nine schemes with an average peak power of 110 MWp, ranging from 30 MWp to 200 MWp.
Moreover, the company has entered into an agreement with “one of the leading European utilities” to co-develop 500 MWp of solar power projects in Vietnam. They have already identified a site for a 50-MWp plant and have initiated the development process, the statement says.
In early 2018, Limes raised funds to develop 500 MWp of solar projects in Italy not relying on subsidies.