Vietnam’s Ministry of Public Security’s Security Investigation Agency is investigating a case of “abuse of position and power in the performance of official duties” involving the Ministry of Industry and Trade and various provinces. As part of this investigation, the agency has requested that the Vietnam Electricity (EVN) provide information and documents related to 32 wind and solar power projects in multiple locations.
Out of the 32 clean energy projects that the Security Investigation Agency has requested information on from EVN, there are 10 solar power projects and 22 wind power projects.
(*) There are two wind power projects named Dong Hai 1 in Tra Vinh (belonging to Trung Nam Group) and Bac Lieu (related to Bac Phuong Group)
One of the projects under investigation with the largest capacity is the Trung Nam – Thuan Nam solar power plant with a total capacity of 450 MW and a construction cost of 12,000 billion VND, invested by Trungnam Group.
Other projects related to Trung Nam Group include Trung Nam – Thuan Bac and Ea Nam Wind Power.
The Ea Nam Wind Power Plant in Dak Lak has a total capacity of 400 MW and was completed in 2021, with a total investment of over 16,500 billion VND, according to Trungnam Group.
The Trung Nam – Thuan Bac solar power plant is also invested by Trungnam Group, but there is a possibility that they no longer have control over this project.
In 2021, ACIT (Asia Industrial Technical Corporation) acquired 49% of the Thuan Bac Solar Power plant. Recently, its subsidiary, Asia Renewable Energy Investment and Development Company, also acquired an additional 18 million shares (equivalent to 18% capital) of Thuan Bac Solar Power, the investor of the Trung Nam – Thuan Bac solar power plant. As a result, ACIT may recognize this company as a subsidiary, while the Trung Nam Group may lose control of Thuan Bac Solar Power.
Tan Hoan Cau Corporation has four projects on the list: Thanh Hai Wind Power Plant No. 5 (120 MW), Huong Hiep 1 Wind Power Plant (30 MW), Huong Linh 1 Wind Power Plant (30 MW), and Huong Linh 2 Wind Power Plant (30 MW).
However, at the Huong Hiep 1 Wind Power Project, according to business registration data, Tan Hoan Cau Corporation owns 80% of Huong Hiep 1 Wind Power JSC, while Mr. Mai Van Hue holds 19.5% and Mrs. Le Thi Dung holds 0.5%. According to our data, in July 2021, the Tan Hoan Cau Group pledged the entire charter capital of Huong Hiep 1 Wind Power JSC to DongFang Electric International Corporation.
Another group with four projects on the list is TTC Group, including Tan Phu Dong 1 Wind Power Plant (100 MW), Tan Phu Dong 2 Wind Power Plant (50 MW), Ia Bang 1 Wind Power Plant (50 MW), and VPL Ben Tre Wind Power Plant (30 MW). The latter three projects are invested by GEC (GEG code) and its member companies.
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Additionally, EDP Renewables has two projects on the list: the Xuan Thien – Thuan Bac solar power plant (256 MW) and the CMX Renewable Energy Vietnam wind power plant (168 MW). The former was acquired by EDPR from the Xuan Thien Group.
The list also includes projects from other groups such as Tai Tam Group, BB Group, Xuan Cau, REE, and Thien Tan.
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