GIF sponsors US$ 1.5 million for solar power auction program in Vietnam

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GIF sponsors US$ 1.5 million for solar power auction program in Vietnam

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The Steering Committee of Global Infrastructure Fund (GIF) has just approved the sponsor of US$ 1.5 million for World Bank (WB) and Vietnamese Government to carry out the pilot program of solar power auction.

Accordingly, GIF cooperated with the Energy Department of the World Bank to support Vietnamese Government to design and build the program of solar power auction from mechanism of supported electricity price to competitive auction which would contribute to solving the energy problem for Vietnam and promoting inclusive development via creating a favorable environment for private sector.

The Ministry of Industry and Trade’s solar power competitive auction program aims at boosting investment into energy saving and renewable energy, increasing diversification of electricity generation sources as well as reducing CO2 emissions.

Vietnam sets ambitious targets to install 12 GW of grid-connected photovoltaic power system by 2030.