SK ecoplant and Nami Solar launch joint venture to invest in Vietnam’s distributed solar sector

A solar power project invested by Nami Solar in Bau Bang Industrial Park, Binh Duong

The two partners entered a joint development agreement in December, forming a venture producing 250MWp of rooftop solar installations, with a total investment of around $200 million over the next few years. The partnership will serve as a platform to further support SK ecoplant's aspirations of becoming a major global investor in renewable energy.

The joint venture will help Nami Solar move one major step closer to its vision of becoming a leading distributed solar company in Vietnam.

The Vietnamese and South Korean governments have placed climate change action plans and green growth high on their respective agendas. In October, South Korea committed to slashing its emissions to 40 per cent of their 2018 level by 2030.

Vietnam has reiterated its commitment to reach net zero by 2050. In July, SK Group revealed its net zero roadmap, aiming to reduce its carbon emissions by half within a decade, thereafter, achieving net zero by 2050, making it the first South Korean corporation to outline such substantial reduction targets and implementation plans.

Chey Tae-won, chairman of SK Group asserted the group's investment in Vietnam’s renewable energy sector as the mid-term priority when he met with Vuong Dinh Hue, Chairman of the National Assembly, in Seoul in December.

SK Group has already made strategic investments totalling almost $2 billion in VinGroup and Masan Group, two leading Vietnamese corporations

Casey Jung, vice president and head of renewable energy at SK ecoplant said, “Inspired by Vietnam's strong climate action commitments, we are excited to announce our partnership with a reputable Vietnam company, Nami Solar, to create and leverage our mutual synergy towards supporting Vietnam in its quest to achieve its carbon emission targets and energy transition.”

Luu Hoang Ha, chairman of Nami Energy said, “We look forward to collaborating with SK ecoplant, creating a vibrant and powerful synergy from this joint venture of two strong partners, one with significant financial and technical attributes, and the other with its solid local platform, industry insight, and experienced management team. We are excited to play our part in building a low-carbon future for Vietnam. The distributed solar energy solutions offered by our joint venture are efficient measures for local businesses – many of whom are South Korean investors – helping them meet their green energy demand as well as making savings on their electricity bills.”