Vina Capital’s SkyX Solar to Develop Rooftop Solar in SAIGONTEL’s Industrial Parks

Mar 2020

SkyX Solar, a subsidiary of Vietnamese asset management company Vina Capital Group, has entered into a joint-venture (JV) agreement with SAIGONTEL to develop rooftop solar projects for industrial facilities in Vietnam. SkyX Solar will own a majority stake in this joint venture and will be in charge of the development of the projects. The JV will offer an end-to-end renewable Energy solution to creditworthy client partners that entails zero capital expenditure and operational expenditure from them.

SAIGONTEL is a member of SGI Group, which owns many industrial parks nationwide. SAIGONTEL provides Infrastructure and telecommunication services in the industrial parks of SGI Group and other clients.

The projects will be initially be established at ten SAIGONTEL-affiliated industrial parks, six of which are located in the central and southern regions of Vietnam which have high solar irradiation levels. SkyX Solar will produce and operate more than 50MW of rooftop solar assets .The company aims to raise its rooftop solar production to 150MW+ in Vietnam over the next three years.

The rooftop solar power market in Vietnam is experiencing significant demand, as leading companies increasingly focus on sustainability and managing rising electricity prices. It is expected that more than 4,000 MW of rooftop solar power will  be developed in the next five to seven years in Vietnam. As a result, many foreign investments were recorded in this sector lately, including Filipino AC Energy’s financing in BIM Group, Aboitiz Power Corp’s takeover of Mekong Wind, and International Finance Corporation’s and Armstrong S.E. Clean Energy Fund’s investment in Phong Dien. Dutch development bank FMO is considering a USD 6.5 million investment in Ho Chi Minh City-based TTC Energy to support its solar power projects, after the Asian Development Bank and other stakeholders granter a USD 37.8 million loan to the Vietnamese company.

(Sources: DealStreetAsia; VinaCapital)

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