EDF establishes sights on Vietnam's solar market via SkyX Solar investment

• EDF Renewables has targeted Vietnam's solar market by purchasing rooftop PV installer SkyX Solar, a subsidiary of investment administration company VinaCapital.

EDF Renewables is to purchase the installer, which has around 30MWp of rooftop solar in operation, and become its tactical companion.

SkyX means to establish an additional 200MWp of rooftop solar and also distributed power jobs for C&I consumers in Vietnam over the next three years, improving the recent success of Vietnam's rooftop PV market.

Last year Vietnam experienced a boom in rooftop solar installs that coincided with a connection deadline for subsidies in the country. Greater than 9GW of rooftop solar was set up in Vietnam in 2020, around 6GW of which was mounted in December alone.

The rush prompted worries over the stability of the grid during height solar generation hrs, with curtailment orders becoming a lot more frequent. Vietnam's authorities have actually given that delayed on enacting a replacement feed-in tariff system consequently.

PV Tech Premium wrote thoroughly on the subject at the time.

Nonetheless, investment appetite for solar and various other renewables in the region remains high, and also earlier this year research study firm WoodMackenzie forecasted that solar as well as wind financial investments in the Asia Pacific area are to double this years.

Don Lam, co-founder at VinaCapital, said the investment manager recognised the important role clean energy would certainly play in Vietnam numerous years ago, prompting the launch of SkyX Solar in 2019.

Samresh Kumar, chief executive officer as well as founder at SkyX Solar, added that it was now the company's objective to companion with more C&I business in Vietnam to enhance its build-out plans.

"EDF Renewables, a subsidiary of EDF, is just one of the world's leading renewable energy firms, so I could not be more pleased that they have actually selected to partner with and invest in SkyX. Their competence as well as sources will enable us to further broaden as well as bring our world class remedies to much more customers in Vietnam," Kumar stated.

"The potential for renewables in Vietnam is enormous, and also we are eager to increase our footprint in the nation drawing on our international knowledge in roof solar options," Yalim Ozilhan, Southeast Asia supervisor at EDF Renewables, claimed.