Italian renewables company Enel Green Power has close to 5,700 MW of projects in the overall pipeline in Vietnam that are promoted by its new business EGP Vietnam (EGPVN)

EGP Vietnam officially launched in December 2021, and is already working on boosting the 915-MW advanced-stage project pipeline to 1,600 MW by the end of the year, Enel Green Power said of its new subsidiary.

The announcement was made on Monday in the form of an interview with Chung Gu Yoon, Enel Green Power’s Head of Business Development, Asia-Pacific region. Chung revealed that EGPVN had set the target to commission its first utility-scale project by 2024.

The maiden project is a 160-MW solar PV scheme, which the company expects to be investment-ready over the next six to 12 months.

Vietnam’s electricity demand has been growing along with the nation’s manufacturing industry, economy and middle class size. The country has also been able to add over 22,000 MW of wind and solar capacity since 2018, and is expected to require over 150,000 GW of renewables by 2045 to reach its net-zero target five years later, Chung commented.

Vietnam has also started unbundling its generation sector, with plans to further deregulate the distribution and retail sectors in the future. This may enable Enel Green Power’s parent organisation Enel SpA (BIT:ENEL) to enter the market with its other business lines, Chung added.