The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One and a part of the Private Infrastructure Development Group (PIDG), announced in January a USD 20 million investment in CME Solar. This funding will support the development of a pipeline of rooftop solar projects for businesses in Vietnam. The company expects to reach a scale of over 260MWp of projects on the back of this transaction.
EAAIF’s commitment to CME Solar, a prominent player in Vietnam’s commercial and industrial solar energy sector, aligns with the decarbonization goals of its clients and promotes the adoption of renewable energy technologies.
Vietnam, one of the largest manufacturing hubs globally, faces a challenge as coal-fired power accounts for 45% of its energy supply. The country needs to accelerate green growth and reduce energy consumption, especially in key industries like electronics, textiles, construction, steel, packaging, and food and beverage manufacturing.
This investment aims to mobilize additional financing for CME Solar to expand its solar energy projects across supply chains in Vietnam, boosting business resilience, supporting climate goals, and helping the country work toward increasing renewable energy’s share to 39.2% by 2030 and achieving net-zero emissions by 2050.
The investment marks EAAIF’s second transaction in Asia, as the debt fund expands its presence and strengthens its competitive position in the region. This move reflects the fund’s strategy of driving market transformation and addressing climate challenges in line with the Private Infrastructure Development Group’s 2023-2030 agenda.
(Source: Vietnam Investment Review)
