Authorities in Ho Chi Minh City are looking to resurrect a US$1.2 billion solar panel project which has been abandoned since its investor US-owned First Solar made an exit more than four years ago, local media reported on Friday.
A new foreign investor is expected to acquire a license by the end of this June to revive the project, Tran Viet Ha, chief of investment with Ho Chi Minh City Export Processing and Industrial Zones Authority, was quoted as saying by news website Dau Tu.
Ha did not reveal the identity of the potential investor who has met with his agency to discuss the project.
The project was licensed in January 2011 and had its construction started two months later.
It was expected to become Vietnam's first solar modules manufacturing plant when going into operation in 2012 with a production capacity equivalent to 250 megawatts a year.
However, in November that same year, the investor suspended the project, citing low global demand.
By then, it had invested $50 million in a 113,000-square meter factory in Cu Chi District's Dong Nam Industrial Zone, the website reported.
Editor's note: The story has been revised to reflect the fact that the project is a solar panel manufacturing facility, not a solar power plant.