REE invests in trillion-dollar solar power plant, Donondo violates regulations

The Cu Jut solar power plant project, which was invested by Refrigeration Electrical Engineering Joint Stock Company (REE (HM:)) through its 100%-owned subsidiary, was found to have multiple violations by the government inspection agency. The National Supervision Bureau announced that according to the “Electric Power Plan VII” and the adjusted “Electric Power Plan VII”, the inspection of policies and regulations in power project management, planning implementation, investment and construction has ended.

In this conclusion, the Government Inspectorate pointed out a series of irregularities in the Cu Jut solar power plant project. The project is invested by Central Hydropower Corporation Limited (HM:).

Specifically, the agency determined that the People’s Committee of De Nong Province approved the project investment policy when the location of the land for project implementation was inconsistent with the plan, Cu Jut district land use plan and construction plan. Rural area of ​​Ea Tling town, Truc Son commune, Cu Jut district.

In addition, the assistance team also violated regulations by not soliciting opinions from relevant departments/agencies during the project review.

In addition, the financial capabilities of the investors in the Cu Jut solar power plant project have not been assessed and evaluated in accordance with the provisions of the 2014 Investment Law; the project investors have not yet conducted an environmental impact assessment report on the 110kV line project, which violates the 2014 Environmental Protection Law.

Regarding the land lease for project implementation, the Government Inspection Service determined that the People’s Committee of Denong Province leased land to investors for the investment and construction of the Cu Jut solar power plant project covering an area of ​​​​59.96 hectares, but the land has not yet been converted. The land use is for energy project construction.

At the same time, the land use sites of this project and several other wind farm projects are located within the scope of two bauxite mining areas under the bauxite exploration, mining, processing and utilization zoning plan. The 2007-2015 period, with a target of 2025, has been approved by the Prime Minister as a violation of land use principles and a violation of the prohibitions stipulated in the 2013 Land Law.

Central Hydropower Joint Stock Company, an investor in the Cu Jut solar power plant project, has started construction of the solar power plant project without the Dak Nong Provincial People’s Committee leasing the land for the project construction, in violation of the Construction Law, enacted in 2014.

What is even more worth mentioning is that the Cu Jut solar power plant project was put into commercial operation before the competent authorities inspected the acceptance work and announced the acceptance results of the completed project.

It is understood that the Cu Jut solar power plant project has a capacity of 50MWac, a construction area of ​​63.14 hectares, and a total investment of VND 1,367 billion. The project installs 187,890 panels with an average power generation of 94.71 million kilowatt hours per year. The project is invested by Central Hydropower Joint Stock Company with a registered capital of VND 1,469 billion.

The company’s major shareholders include: Central Electric Power Company-EVNCPC holding 22.97%; Southern Electric Power Company-EVNSPC holding 22.97%; REE Energy Company Limited holding 24.15%; the remaining shares are owned by other shareholders.

REE Energy Company Limited is a 100% owned subsidiary of Refrigeration Electrical Engineering Co., Ltd. (HoSE: REE). Among them, Mr. Nguyen Quang Quan, a member of the board of directors of Central Hydropower Corporation, is also known as the deputy general manager of REE.

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