Appollo Oil Proposes US$1.1B Hydropower Projects in Lam Dong

On May 13, Standing Vice Chairman of the Lam Dong Provincial People’s Committee, Le Trong Yen, chaired a meeting with Appollo Oil Joint Stock Company regarding the company’s proposal to invest in a series of pumped-storage hydropower projects in the province.

The meeting was attended by representatives from relevant provincial departments and agencies. It was also connected online with several localities where the projects are expected to be developed.

During the session, Appollo Oil proposed conducting surveys and preparing investment dossiers for a cluster of four pumped-storage hydropower plants in Lam Dong. The projects, named Apollo 1, Apollo 2, Apollo 3, and Apollo 4, would be located in Bao Lam 3, Hoa Bac, Ninh Gia, and Phan Son communes.

Together, the four projects are designed to generate a total capacity of 1,520 MW, with an estimated investment of more than USD 1.1 billion. The company expects the plants to begin operations between 2029 and 2032. Once completed, the projects are projected to contribute around VND 750 billion annually to the local budget.

Ngo Nhat Phuong, Chairman and General Director of Appollo Oil said he hoped that Lam Dong authorities would soon approve the investment policy and include the projects in the province’s 2021-2030 development plan. “If the projects receive early approval, we are committed to completing them as quickly as possible,” he said.

At the meeting, provincial departments and local authorities generally supported the proposal for further research and project development. Discussions mainly focused on environmental impacts, forest land use, and water resource management.

Concluding the meeting, Vice Chairman Le Trong Yen welcomed the company’s proposal and agreed in principle to allow further surveys and feasibility studies in accordance with regulations.

He also requested relevant agencies and local authorities to coordinate closely with the investor during the assessment process, particularly on matters related to environmental protection and forest land.

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This is still a relatively new field, so all relevant agencies need to conduct careful and comprehensive evaluations before advising the provincial government. The investor should continue refining the proposal to ensure feasibility, efficiency, and alignment with the province’s sustainable development goals

Standing Vice Chairman of the Lam Dong Provincial People’s Committee Le Trong Yen emphasized