France’s EDF Renewables (EPA:EDF) has made a significant investment in VinaCapital’s SkyX Solar, a rooftop solar power developer in Vietnam as the market continues to boom.
With EDF Renewables as a strategic partner, SkyX Solar which has around 30 MWp 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, the pair said on Wednesday.
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 9.3 gigawatts at the end of 2020, according to Bloomberg New Energy Finance.
“SkyX Solar has around 100 MWp of rooftop solar projects under operation and/or development and we intend 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,” said Samresh Kumar, CEO and Founder of SkyX Solar.
“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.