SkyX Solar invests $100 million in 200MWp rooftop solar capacity in next three years

SkyX Solar plans to invest $100 million in the next 2-3 years to further develop 200MWp of rooftop solar power systems in Vietnam

With EDF Renewables as a strategic partner, SkyX Solar, which has around 30MWp of solar projects under operation, plans to invest more than $100 million to further develop 200MWp of rooftop solar and distributed energy solar projects for commercial and industrial customers in Vietnam over the next few years.

A SkyX Solar project in Dong Nai province

According to Don Lam, co-founder and CEO of VinaCapital, a few years ago, the company recognised the critical role that clean energy would play in powering Vietnam’s continued growth and development.

“The launch of SkyX Solar in 2019 is just one of our initiatives in the sector, and in a very short span of time, it has grown to become a leading player in the commercial and industrial rooftop solar market in the country. We look forward to working with EDF Renewables to help SkyX Solar grow as well as exploring other projects where there are synergies,” Lam said.

Samresh Kumar, CEO and Founder of SkyX Solar, commented that SkyX Solar has around 100MWp of rooftop solar projects under operation and/or development and it intends to partner with more industrial companies in Vietnam to build many hundred MWs of solar capacity with them.

“EDF Renewables, a subsidiary of EDF, is one of the world’s leading renewable energy companies, so I could not be more pleased that they have chosen to partner with and invest in SkyX. Their expertise and resources will enable us to further expand and bring our world-class solutions to even more customers in Vietnam,” Kumar said.

Yalim Ozilhan, Southeast Asia director of EDF Renewables highlighted the potential for renewables in Vietnam.

“The potential is enormous, and we are keen to expand our footprint in the country, drawing on our global knowhow in rooftop solar solutions. We are delighted to partner with VinaCapital and invest in SkyX Solar, which has quickly scaled up providing world-class rooftop solar solutions to meet the high demand for low carbon sources of energy from commercial and industrial customers, something that is set to increase in the years ahead,” added Ozilhan.

In just a few years, Vietnam’s rooftop solar energy sector has grown from virtually nothing into Southeast Asia’s leading solar market, with cumulative rooftop solar capacity totalling 9.3GW at the end of 2020, according to BloombergNEF.