The project, known as the Lam Son clean energy complex, includes three major components: a 1,440MW pumped storage hydropower plant (six units), a 3,500MWp solar power project, and a 350MW battery energy storage system (BESS).

According to PV Power, the complex is expected to generate 5.87 billion kWh annually with a total investment of $3.98 billion. The land requirement for the project includes approximately 184.2 hectares for the pumped storage hydropower and around 2,000ha for the solar power facilities, which will involve both new investments and purchasing electricity from existing operators.

The project timeline spans from 2026, with operations scheduled to commence by the end of 2030. The aim is to fully harness the potential of solar and pumped storage hydropower in Ninh Thuan to produce clean energy, positioning the locality as a hub for renewable energy in Vietnam.

Regarding business performance in the first half of the year, PV Power reported estimated revenue of VND15.822 trillion ($632.88 million), a slight decrease from the same period last year. Consolidated pre-tax profit stood at VND657 billion ($26.28 million), down 29 per cent on-year.

For 2024, PV Power has set a revenue target of VND31.736 trillion ($1.27 billion) and a pre-tax profit goal of VND995 billion ($39.8 million). By mid-year, the company had achieved 50 per cent of its revenue target and 66 per cent of its profit target.

In the second quarter alone, PV Power estimated revenue of nearly VND9.6 trillion ($383.16 million) and pre-tax profit of VND379 billion ($15.16 million), representing increases of 14 per cent and 59 per cent, respectively, compared to the same period last year.

For the second half of the year, PV Power aims to achieve revenue of VND15 trillion ($600.32 million) and pre-tax profit of nearly VND341 billion ($13.64 million), ensuring the company meets its annual profit target of VND995 billion ($39.8 million).