Thai renewable energy investors "cry for help" due to prolonged FIT price problems

(Dan Tri) - Thai investors petition the Prime Minister to quickly direct the removal of FIT price obstacles and ensure payment for renewable energy projects worth 2.57 billion USD in Vietnam.

The Thai Chamber of Commerce and Industry in Vietnam (ThaiCham) has just sent a document to Prime Minister Pham Minh Chinh requesting to remove obstacles related to the preferential electricity price (FIT) mechanism and payment obligations under signed Power Purchase Agreements (PPAs).

Thai investors said they have invested more than 2.57 billion USD in the renewable energy sector in Vietnam, with a total capacity of more than 2,594MW.

In a document sent to the Prime Minister, the association said it had sent more than 20 official dispatches to the Ministry of Industry and Trade , Vietnam Electricity (EVN) and the Electricity Trading Company (EPTC) regarding the temporary reduction of FIT electricity price payments but had yet to receive a response or receive an official directive.

In addition, Thai investors have held many meetings with the Ministry of Industry and Trade, EVN, and EPTC in the past two years but have yet to receive official guidance. At the most recent meeting with EVN on November 25, the information received was that the problem was awaiting a decision from the competent authority.

The association warned that the suspension or reduction of 25-50% of FIT payments is causing financial difficulties, policy risks, liquidity pressure and affecting audit reports of Thai investors, many of which borrow from international banks.

ThaiCham proposed that the Prime Minister direct the Ministry of Industry and Trade and EVN to promptly restore all payments according to FIT prices, handle outstanding debts and provide a specific implementation schedule.

A solar power project in Khanh Hoa (Photo: Nam Anh).

Previously, in early November, a group of foreign direct investors in the renewable energy sector in Vietnam sent a document to the Minister of Industry and Trade, the Ministry of Finance, and the Ministry of Justice regarding the issue of payment for 173 renewable power projects under the FIT price mechanism.

This group of investors proposed to hold a bilateral dialogue with Minister of Industry and Trade Nguyen Hong Dien, Minister of Justice Nguyen Hai Ninh and Minister of Finance Nguyen Van Thang in the first half of November on the above issue.

According to statistics, 23 foreign investors who signed the petition own or contribute capital to renewable energy projects with a total capacity of more than 4,182 MW in Vietnam. This group includes many large energy corporations from Japan, Thailand, Korea, Singapore, UK, China, Malaysia, Philippines...

Among them, large-scale investors include ACEN Vietnam Investment (Philippines) with 14 projects with a total capacity of 852MW, Super Energy Corporation (Thailand) with 8 projects with a total capacity of 686.7MW, Shikoku Electric Power (Japan) 256MW, B.Grimm Renewable (Thailand) 496MW...

Source: https://dantri.com.vn/kinh-doanh/nha-dau-tu-dien-tai-tao-thai-lan-keu-cuu-vi-vuong-mac-gia-fit-keo-dai-20251203173906675.htm