SkyX Solar, a subsidiary of VinaCapital Group, and SAIGONTEL have entered into an agreement to build and operate rooftop solar plants for industrial facilities situated in industrial parks affiliated to SAIGONTEL.

SkyX Solar will have a majority stake in the venture and be responsible for the development of the projects.

The JV will initially focus on 10 industrial parks, installing more than 50MWp there. Six are in the central and southern regions, which have the highest solar radiation levels.

The JV will offer end-to-end renewable energy solutions to clients, who do not have to pay for the equipment, installation or operation of the solar panels.

Samresh Kumar, executive chairman of SkyX Solar and managing director, VinaCapital, said: “Rooftop solar, especially for the commercial and industrial (C&I) segment, will be a game changer for the renewable power sector in Viet Nam.

“We are excited to partner with SAIGONTEL, member of SGI Group, 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 150MWp-plus development in Viet Nam over the next three years.”

Nguyen Cam Phuong, CEO of SAIGONTEL, said: “We believe that rooftop solar solutions will enable us to provide differentiated value-addition to our partners and customers of our industrial parks by helping them reduce their carbon footprint and achieve significant cost savings at the same time. This segment is early 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 client’s facilities.”

Without any land, transmission or licensing issues, the rooftop solar power market in Viet Nam is witnessing significant demand as leading companies increasingly focus on sustainability and managing rising electricity prices.

It is expected that more than 4,000MWp of rooftop solar power will actually get installed in the next five to seven years in the country. — VNS