Gulf Energy Development Public Company Limited (GLUF) has notified that TTC Green Energy Investment Joint Stock Company, an associate in which GULF indirectly holds 49% of shares through Gulf International Holding Pte. Ltd. and which operates the TTCIZ-01 solar power project (TTCIZ-01) in Vietnam, commenced the sale of electricity to Vietnam Electricity (EVN). GULF has been informed by EVN that the project achieved commercial operation on March 6, 2019.
TTCIZ-01 is located in Trang Bang district, Tay Ninh province, Vietnam, with an installed power generation capacity of 68.8 megawatts and a total project cost of approximately US$65 million. It will supply electricity to EVN pursuant to a 20-year power purchase agreement under agreed terms of US9.35 cent/kWh tariff.
TTCIZ-01 is the first of GULF’s power projects in Vietnam to commence commercial operation. The second project, TTCIZ-02, in which GULF indirectly holds 90% of shares, has an installed power generation capacity of 50.0 MW and will supply electricity to EVN under the same terms as TTCIZ-01. To date, construction on the project has proceeded as planned and it is expected to commence commercial operation as scheduled around May 2019.