What does Vietnam's Solar Policy update mean for energy storage?
Vietnam’s solar policy update highlights growing role of energy storage. (Photo: iStock) Vietnam’s Ministry of Industry and Trade (MOIT) has announced a new round of feed-in tariffs (FIT) for solar power, introducing location-based pricing and, for the first time, incorporating energy storage systems.
How much does a solar project cost in Vietnam?
Overall, projects with storage receive higher FIT rates. Previously, Vietnam’s FiTs were relatively low. In January , the top rate was NT$1.49/kWh for ground-mounted solar and NT$1.89/kWh for floating solar, with no regional or storage-based distinctions.
What are the requirements for a battery project in Vietnam?
The Vietnamese authorities also decided that battery projects under the FiT scheme must have at least 10% of a PV plant's capacity and offer at least 2 hours of storage. According to the latest statistics from the International Renewable Energy Agency (IRENA), Vietnam had approximately 18.66 GW of installed PV capacity at the end of .
How will Vietnam's new energy storage scheme help investors?
Supa Waisayarat, Vietnam’s adversary consultant at Thailand’s Super Energy Corporation, noted that the new scheme supports the adoption of storage and provides developers and investors with more transparent pricing, which could encourage more power purchase agreements (PPAs) and improve financing confidence.
What are the risks associated with tariffs based on Vietnamese dong?
With tariffs denominated in Vietnamese dong while financing often relies on USD, currency risks could undermine profitability. Delays in issuing renewable energy certificates (RECs) also remain a concern.
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