The solar project, which will be built in the Ninh Thuan province, will generate enough electricity to meet the power consumption needs of up to 200,000 households.
As per the terms of the agreement, Sunseap International will continue to hold a majority stake in the solar project.
InfraCo Asia, which is an infrastructure development and investment company, will keep a minority stake along with CMX RE Canada, Sunseap’s existing partner.
Sunseap co-founder and director Lawrence Wu said: “We see huge potential for solar energy development in Vietnam and are excited to bring affordable and reliable clean energy to the country.
“Sunseap International remains focused on developing innovative solar energy solutions that benefit communities in the region while saving the environment. We hope that our solar power project will help to promote more green energy investments in Vietnam and in the Indo-China region.”
The Ninh Thuan solar plant will be Sunseap’s first project in Vietnam and is anticipated to enter into commercial operation by June 2019.
InfraCo Asia CEO Allard Nooy said: “As the opportunity for renewables in Vietnam continues to grow, we are excited to partner with Sunseap on a project that will serve as a catalyst for further private sector investment. The Ninh Thuan project will be one of the first large-scale solar projects in the country to go online.
“It will support Vietnam – which is currently reliant on coal – in creating a cleaner energy mix for the future.”
The Ninh Thuan solar plant is expected to create more than 200 jobs during its construction phase and about 30 long-term jobs once it is operational.
Sunseap currently has a pipeline of projects in Cambodia, India, Thailand, Vietnam, Malaysia and Australia.
