The company generated THB2.3 billion ($71.36 million) in solar power revenue in Vietnam in the period, down 9.5% from a year earlier, while wind power revenue edged down 0.3% to THB322.5 million ($10 million).

Super Energy attributed the declines primarily to the Vietnamese dong’s depreciation against the Thai baht. It said solar output in Vietnam remained stable and wind output increased thanks to favorable weather conditions.

Overall, Vietnam contributed 37% of the company’s total solar revenue and 5% of its wind power revenue globally.

Super Energy’s Vietnamese portfolio includes nine operational solar farms with a combined capacity of 836.7 MW, and four wind power projects totaling 200 MW. Only one wind project, the HBRE Chu Prong farm in the central province Gia Lai, has gone online.

The company also noted that Vietnam Electricity (EVN) had historically paid for all electricity delivered, but recent regulatory changes related to renewable-energy pricing and commercial-operation dates have caused payment delays. As a result, Super Energy’s receivables from EVN increased by THB553 million ($17.16 million) as of end-September.

According to he National Power Development Plan VIII (PDP8), Vietnam boasts vast renewable energy potential with more than 300 sunny days a year, offering a theoretical solar capacity of 400 GW, and a 3,200-km coastline with strong winds capable of generating up to 600 GW of offshore wind power.