Biomass is a renewable organic material based on plants and animals. It is used as fuel to produce heat or electricity, and because of its renewable characteristics, biomass is favored by various energy companies. Examples of the material are wood and wood residues, agricultural residues, and waste from farms, households, and industrial sites. According to market research firm Transparency Market Research, the global biomass power market, which stood at $44.9 billion in 2020, is projected to reach $85.3 billion in 2031.
SGC Energy said in a statement on March 15 that the company has teamed up with the Vietnam-based PECC1 for the conversion business. While the South Korean eco-friendly company will be in charge of the operation and management of the power plant, its Vietnamese partner will carry out business feasibility studies. The project also involves SGC eTEC E&C, a South Korean construction firm that will be responsible for construction and procurement.
"Because Vietnam has high-capacity and advanced power facilities, and a steadily growing power market, the nation is regarded as an emerging energy market," an unnamed SGC Energy was quoted as saying. By 2030, the Southeast Asian country aims to expand the capacity of renewable energy to 39 gigawatts.
PECC1 has conducted large-scale projects in Southeast Asia including Vietnam, Laos, and Cambodia. The company's 54 percent stake is owned by Vietnam's top power company called Vietnam Electricity.
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