SP Group companions with BCG Energy to use Vietnam solar market

• Singaporean utility business SP Group has actually authorized a memorandum of understanding with BCG Energy, a holding subsidiary of Vietnamese investor Bamboo Capital, to sustain the development of new renewable energy projects in the country.

As part of the bargain, SP will be able to obtain a 49% risk in BCG Energy's subsidiary, Skylar Joint Stock Company, which has a roof solar portfolio across the country amounting to 61.1 MWp ability.

The information comes 2 weeks after SP Group signed a joint venture manage China's Jinko Power Technology to get 102MWp of roof solar possessions and also bolster its sustainable portfolio in the nation. SP will certainly possess a 60% risk in the recently developed entity.

SP's president Stanley Huang stated that Vietnam is a "vital tactical market" for the business, and also the collaboration will certainly provide a stronger platform for both the utility and also investor to money new projects there.

The two firms will likewise purchase future solar energy projects in the country, which has been selected as a fast arising market in the renewables market. Developers installed 9GW of solar across Vietnam in 2020, with implementations surging in the direction of the end of the year. Greater than 6.7 GW of solar capacity was set up in December 2020 alone.

Tuan Pham, BCG Energy's president, claimed that the business aims to establish 1.5 GW of solar capability by 2023, and 500MW of commercial as well as commercial solar setups in order to become "among the market leaders in renewable resource in Vietnam and Asia."