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Tuesday, July 23, 2024

Wind power investors ask PM for help over fear of bankruptcy

The Saigon Times

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HCMC – Facing the risk of bankruptcy, several wind power investors have sent a petition to the Prime Minister, the Ministry of Industry and Trade and other relevant agencies proposing removing tumbling blocks related to mechanism.

This is the second time that the investors of the Nhon Hoi, Nam Binh 1, Cau Dat and Tan Tan Nhat wind power projects have asked for help, Tuoi Tre Online reported.

The four wind power projects have had the construction and installation processes completed and got certificates of appraisal prior to October 31 last year.

However, several objective factors such as Covid and unfavorable weather conditions have prevented these plants from running on a trial basis before October 31, 2021, which was the deadline for investors of projects in commercial operation to earn incentives. As such, the projects failed to be entitled to the feed-in-tariff mechanism in line with Decision 39 issued in 2018.

Due to the delay in their operation, many technical devices and wind turbines have deteriorated, causing a heavy loss and wastefulness for investors.

These projects have yet to undergo a technical test, while the deadline has passed. Since November, no new guidance for wind power projects has been issued.

To be put into commercial operation, these plants must meet many requirements, including technical tests and safety, according to a representative of the Vietnam Electricity Group.

As technical tests heavily depend on objective factors, it is necessary to make it more flexible for commercial operation to minimize the damage for investors, according to the petition.

These investors proposed the prime minister and the ministry consider either allowing their wind power plants to undergo technical tests to begin commercial operation in line with Decision 39, or offering an aid package for wind power plants affected by Covid.

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