VinaCapital ties up with SAIGONTEL to develop 50MW rooftop solar power

The joint venture will develop more than 50MW of rooftop solar power in industrial parks

SkyX Solar will have a majority stake in the joint venture and will be responsible for the development of the projects. The joint venture will initially focus on 10 industrial parks to develop and operate more than 50MW of rooftop solar assets to start with. Six of these industrial parks are in the central and southern regions of Vietnam which have the highest irradiation levels.

The joint venture will offer an end-to-end renewable energy solution to creditworthy client partners which entails zero capex, zero opex from them but at the same time brings cost savings and reduces their carbon footprint while ensuring that there is zero disruption in their main operations.

Samresh Kumar, executive chairman of SkyX Solar and managing director of VinaCapital, said, “Rooftop solar, especially for the commercial and industrial (C&I) segment, will be a game-changer for the renewable energy sector in Vietnam. We are excited to partner with SAIGONTEL, a member of SGI Group and a market leader in industrial park development, to transform large ‘idle’ roofs into sources of clean energy. This partnership is a strong milestone in our journey to 150MW + development in Vietnam over the next three years.”

Nguyen Cam Phuong, CEO of SAIGONTEL, added, “We believe that rooftop solar solutions will enable us to provide differentiated added value to the partners and customers of our industrial parks by helping them reduce carbon footprint and achieve significant cost savings at the same time. This segment is in the early stages in the country and we believe SkyX Solar, backed by VinaCapital, is the right player to provide world-class solutions for our own and our clients’ facilities.”

Devoid of any land, transmission, or licensing issues, the rooftop solar power market in Vietnam is witnessing significant demand as leading companies increasingly focus on sustainability and managing rising electricity prices. It is expected that more than 4,000MW of rooftop solar power will actually be developed in the next five to seven years in the country – and the potential is even bigger.

However, given the nascent nature of the sector and its unique challenges, strong local players with deep market insights and experience as well as international standards for technical and ESG practices such as SkyX Solar are best placed to successfully deliver world-class solutions to client partners.