A US$36 million clean energy investment program has been launched in Vietnam.
It is called Vietnam low emission energy program II (V-LEEP2). It is followed by the V-LEEP I which ran from 2015 to 2020.
The program has been launched by the US Agency for International Development (USAID). The project comes with a view to increase private sector investment and improve operational performance in Vietnam’s energy sector.
It has been reported that USAID will work with Vietnam’s ministry of industry and trade (MOIT) for the program that will help to increase clean energy deployment.
It will mobilize private sector investment and provide project design support for developers and technical assistance for lenders, a local report mentioned.
According to USAID, it will help to "design, finance, build and operate the resulting clean energy generation projects, with the goal of supporting up to 2GW of renewable energy between 2020 and 2025."
Besides, USAID has already worked with the MOIT on Vietnam’s Power Development Master Plan VIII and the design of the Direct Power Purchase Agreement (DPPA) pilot program.
It has been reported that the V-LEEP I project had helped to bring investment of more than $311 million to build 300 megawatts of wind and solar projects in Vietnam.
Vietnam plans to increase electricity capacity to 146 gigawatts (GW) by 2030.