VinaCapital Group, a company which runs the listed Vietnam Opportunities Fund, today announced that EDF Renewables, a subsidiary of French utilities giant EDF, has made a significant investment in SkyX Energy, the holding company of SkyX Solar, a rooftop solar power developer and also VinaCapital subsidiary.
Over the course of 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 gigawatts at the end of 2020, according to Bloomberg.
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.
Mr Don Lam, co-founder and CEO of VinaCapital, said: “A few years ago, we recognized the critical role that clean energy would play in powering Vietnam’s continued growth and development. The launch of SkyX Solar in 2019 is just one of our initiatives in the sector, and in a very short span of time, it has grown to become a leading player in the commercial and industrial rooftop solar market in the country. We look forward to working with EDF Renewables to help SkyX Solar grow as well as exploring other projects where there are synergies.”
Mr Samresh Kumar, CEO and founder of SkyX Solar, added “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.”