SINGAPORE (April 5): SHS Holdings is jointly developing a solar farm in Vietnam to build up its track record in solar energy engineering, one of its key growth engines.
On Wednesday, wholly-owned subsidiary Sinenergy Holdings signed a memorandum of understanding (MOU) with the provincial government of Ninh Thuan province to develop a 300MW solar farm on agricultural land.
SHS says the proposed investment is subject to a detailed feasibility study to be conducted; the subsequent issue of an investment licence from Ministry of Planning and Investment of Vietnam, and the conclusion of a solar power policy and legislation to be ratified by the Vietnamese government expected later this year.
These have to be completed before the parties can move on to sign an implementation agreement.
Group CEO Henry Ng says: “We have completed extensive research into the opportunities and technical parameters surrounding the potential of harnessing solar energy in Vietnam, and believe that Ninh Thuan is the most suitable and ideal location for such a project, as confirmed by research provided to us by the Vietnamese authorities.”
In 2016, SHS completed a 4MW grid-tiered solar photovoltaic system on the rooftop of SATS Airfreight Terminals 5 and 6 at Singapore Changi Airport.
It is currently constructing a 50MW solar plant in Bangladesh that is expected to be completed by the second quarter of 2018.
SHS closed flat at 23.5 cents before the announcement.