Gulf Energy Development Public Company Limited (GULF) has announced that TTC Green Energy Investment Joint Stock Company, a joint venture in which GULF in directly holds 49% of shares through Gulf International Holding Pte. Ltd. and which operates the TTCIZ-01 solar power project in Vietnam, entered into the 20-year power purchase agreement with Vietnam Electricity on December 5, 2018, under agreed terms of a USD-equivalent tariff of approximately US9.35 cent/kWh.
The TTCIZ-01 project is located in Trang Bang district, Tay Ninh province, Vietnam, with an approximate project cost of $66 million and installed power generation capacity of 68.8MW. The project is GULF’s first investment in Vietnam and is currently under construction, with a scheduled commercial operation date in March 2019. The second project, TTCIZ-02, is also under construction and is expected to enter into the power purchase agreement with Vietnam Electricity in the first quarter of 2019.