The company, formally Gunkul Engineering Public, purchased a 99.9 percent stake in Tan Chau Energy Jsc, which operates the 50 MWp plant, from Singapore’s Sungrow Power. The remaining 0.1 percent is owned by two Vietnamese individuals.

The plant began operations in October with a 20-year selling price of 7.09 U.S. cents per kWh.

The purchase is set to expand Gunkul’s operations in Southeast Asia and promote its growth in an industry which it considers low risk with high potential, the company said in a statement.

Earlier this month, Gunkul said it has acquired the 50 MWp Phong Dien II solar power plant in the central province of Thua Thien-Hue for $39.9 million.

In February, it had spent $60.6 million on two power plants in the southern province of Tay Ninh with a total capacity of 60 MW.

With the latest acquisition, the company has so far poured over $147.5 million into four solar energy projects in Vietnam this year.

Other Thai energy firms have also been busy in Vietnam. The Gulf Group increased its ownership of two solar farms in Tay Ninh from 49 percent to 90 percent in the second quarter of this year.

The Super Energy Corporation has invested $457 million in four solar power plants in southern Vietnam.

Power production by Vietnam’s 100 odd solar plants surged 2.3 times year-on-year in the first 10 months to 7.95 billion kilowatt-hours, according to Vietnam Electricity, the country's largest power producer and the only distributor.