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Thursday, December 2, 2021

French power giant invests in Vietnam’s solar sector

The Saigon Times

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HCMC – French renewable energy producer EDF Renewables has announced its investment in the solar power sector in Vietnam, which is the third largest solar power market in the world.

EDF Renewables has made a significant investment in rooftop solar power developer SkyX Energy, a subsidiary of VinaCapital Group and owner of rooftop solar power plant SkyX Solar.

With EDF Renewables as a strategic partner, SkyX Solar plans to invest more than US$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.

According to Samresh Kumar, CEO and founder of SkyX Solar, the company has around 100 MWp of rooftop solar projects under operation or development. SkyX Solar intends to partner with more industrial companies in Vietnam to build many hundred MWs of solar capacity.

“EDF Renewables’ expertise and resources will enable us to further expand and bring our world-class solutions to even more customers in Vietnam,” he said. 

“The potential for renewables in Vietnam 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,” said Yalim Ozilhan, Southeast Asia Director of EDF Renewables.

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 totaling 9.3 GW at the end of 2020, said BloombergNEF.

According to Nikkei, Vietnam is the world’s No. 3 solar market but also a heavy coal user that is expected to feel the impact of China’s recently announced divestment from coal.

Established by VinaCapital in 2019, SkyX Solar is a rooftop solar power developer focused on the commercial and industrial segment in Vietnam. It invests, designs, builds and operates these systems for its commercial and industrial customers on a SAAS model (Solar As A Service).

EDF Renewables is an international leader in renewable energies, with gross installed capacity of 13.8 GW worldwide. Its development is mainly focused on wind and solar photovoltaic power.

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