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Solar Power (SP) is one of the bright spots on Vietnam Renewable Energy market. At the Renewable Energy Development Conference toward Co2 reduction held in Hanoi, there were 10,000 MW of registered SP by the end of 2018, of which 121 projects with capacity of 8,100 MW are supplemented to plan, with more than 100 projects signed Power Purchase Agreement - PPA. According to Bao Viet Securities (BVSC), GEG is considered to be an emerging factor with great advantage in the electricity market after quickly operating two solar power plant with total capacity of 117 MWp in Hue and Gia Lai.

Regarding small and medium hydropower, GEC owns 14 hydropower plants (HPP) with a total capacity of 84.1 MW, mainly located in the Central Highlands (93%) and North Central (7%). GEC owns 24% of operation hydropower projects in Gia Lai, 18% in Hue and 14% in Lam Dong province. GEC’s HPPs are under 30 MW in size and are entitled to avoidable cost tariff with an average selling price of about 1,100 VND/kWh. This tariff will be applied to (1) HPPs with capacity less than or equal to 30 MW and total electrical power is produced from renewable energy or (2) the Seller having multiple cascaded HPPs on the same river and total installed capacity of those plants is no more than 60 MW. Thanks to the high stability in operation, no debt and basically over 50% depreciation of HPPs, BVSC rated these HPPs are good assets, able to operate in the long term and create stable cash flow for GEC within decades.


In the short term, the output of electricity tends to decrease due to the negative impact of El Nino phenomenon, but GEC has timely diversified its investment portfolio to SP. It is expected that the total output of SP in 2019 shall increase 13.2 times compared to 2018 and the output of hydropower will be equivalent to 2018. The total output of electricity in the period of 2016-2018 reached about 1,127 million kWh, of which hydropower accounting for 98%, remaining for SP. However, it is expected that in 2019, the contribution structure of Energy field will has a clear shift when SP accounts for about 40% compared to 2% of the 2016-2018 period.

On March 7, 2019, GEC first attended one of the biggest investor connection events in Vietnam Access Day organized by Viet Capital Securities. GEC received great attention from domestic and foreign investors, especially when the time of June 30, 2019 ending for application of feed-in tariff (FiT) of 9.35 cents/kWh has been approaching. The draft seems to balance between radiation and electricity purchase price to ensure synchronous development of SP nationwide. It is expected that in 2019, GEC will continue to maintain its leading position when it adds more 240 MWp to national grid, of which 3 solar farms shall be applied preferential FiT. In order to maintain a competitive advantage, GEC's SP projects not only focus on a single locality but also allocate in many different geographical locations, limiting the risk of electricity selling prices under new regulations.

Draft Solar power price and GEC’s solar power portfolio is operating and developing


Area I

Area II

Area III

Area IV









Solar power











1 commisioning: 9,35 cents

1 by 30/6: 9,35 cents

1 after 30/6

1 by 30/6: 9,35 cents

2 after 30/6

1 commisioning: 9,35 cents

1 by 9,35 cents

1 after 30/6

             Source: MOIT

Thanks to careful preparation several years ago, the most important advantage is owning large and cheap land bank, which is the base for GEC to continue to implement SP with the expected rate of return despite the adjusted FiT. In addition, due to the experiences gained from cooperation with 2 reputable contractors from Japan when developing the first 2 SP projects in Vietnam, GEC is now able to master the technology and confidently deploy next projects by its own staffs. If using internal human resource instead of EPC for 2/5 projects in 2019, GEC can save around VND 200 billion. Not only that, GEC aims to provide O&M services to other SP developers in the market to diversify revenue sources.

Many investors are also concerned about the fact that registered SP projects exceed supplying plan and may cause overload status of transmission lines. However, in fact, although the number of projects supplemented to the plan is very large, but up to now, there are only 5 solar farms of 4 owners with a total capacity of 271 MWp in operation, in which 2/5 belong to GEC, accounting for more than 43% of operating capacity.

Source: GEC summary

In the first months of 2019, VN-Index was very positive with consecutive gaining sessions. Closing on March 14, the VN-Index reached 1,008 points, 13% higher compared to the beginning of 2019. Along with positive trend of market, GEC is showing significant breakthroughs when the closed price on March 14 reached VND 18,300, up 21% compared to the beginning of 2019 and nearly 62% compared to the beginning of 2018. The average liquidity of latest 46 sessions also reached over 362 thousand shares, 1.4 times higher than the average liquidity of the whole year 2018. During the week from March 4 to 8, GEG was in the top 10 net-buying stocks by foreign investors on Upcom besides some very interested stocks such as VTP, VEA, HVN so on.


For further information, please contact:

Mr. Nguyen Anh Vu

Investor Relations Department

Email: vuna@geccom.vn