Bringing Indonesia to The Gigawatt Club: Vietnam Made It, and So Can We
How Vietnam went from 100 MW to 5 GW of solar in only 2 years
In Southeast Asia, Vietnam is now a solar powerhouse; solar PV grew from 0.1 GW to 5.4 GW in only 2 years. The surge is mainly driven by the expiry date for feed-in-tariff qualifications, but while there are concerns on bankability, the projects are economically attractive with IRR at mid-teens (WoodMac, 2020). The average time needed for construction and commissioning is also impressive, i.e. 275 days. With the use of effective pricing policy (FiT), many developers are comfortable to take the risk; and financing options are also available from local banks. With this rapid growth, the Vietnam government now considers using location signals to boost solar installations in underdeveloped regions in the country. This online discussion will draw experience and lessons from Vietnam in promoting solar development to Indonesia’s context; to provide policymakers with the necessary information to support more ambitious solar growth in Indonesia.
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