SP Group (SP) and Hoa Sen Group co-operate to introduce Việt Nam’s first Industrial Cooling-as-a-Service (CaaS) offering. The CaaS will be installed alongside rooftop solar systems at Hoa Sen’s two largest steel sheet manufacturing facilities in Phú Mỹ and Nghệ An. — Photo Courtesy of SP Group

HCM CITY — SP Group (SP) has recently announced a partnership with Hoa Sen Group, one of Southeast Asia’s leading steel manufacturers, to introduce Việt Nam’s first Industrial Cooling-as-a-Service (CaaS) offering.

The collaboration involves installing the innovative CaaS alongside rooftop solar systems at Hoa Sen’s two largest steel sheet manufacturing facilities in Phú Mỹ and Nghệ An.

This milestone signifies SP’s inaugural CaaS projects in Việt Nam, further enhancing the group’s reputation for sustainable and clean energy infrastructure across the region.

Under this partnership, SP will deploy CaaS systems with a total capacity of up to 1,900 refrigeration tonnes (RT) to provide high-efficiency cooling for critical manufacturing environments, including electrical and variable speed drive rooms.

Simultaneously, rooftop solar photovoltaic (PV) systems with a combined capacity of 17.6 megawatt-peak (MWp) will be installed, generating over 21,000 MWh of clean energy annually.

The CaaS solutions are set to be fully operational by Q2 2026, while the commercial operations for the PV systems commenced in March (Phú Mỹ) and June (Nghệ An) 2025.

Brandon Chia, Managing Director for Sustainable Energy Solutions (Southeast Asia), SP Group, said: “This marks SP’s first Cooling-as-a-Service deployment in Việt Nam and a significant step in accelerating the adoption of sustainable cooling solutions for the industry. By offering integrated, innovative and cost-effective cooling and solar deployment models, we help customers like Hoa Sen decarbonise while maintaining operational performance. We look forward to scaling this model across Việt Nam’s industrial sector.”

This collaboration is projected to reduce cooling-related electricity consumption by over 30 per cent annually. Furthermore, the solutions aim to prevent more than 14,000 tonnes of CO2 emissions each year – equivalent to removing 3,300 cars from the road or powering 3,900 Vietnamese households. Ultimately, over 214,000 tonnes of emissions are anticipated to be reduced over the project's lifecycle.

Cooling-as-a-Service (CaaS) is an innovative, scalable and cost-effective cooling solution from SP. It offers a zero-capex model in which SP designs, builds, owns, and operates high-efficiency cooling systems with full lifecycle maintenance for buildings. This allows customers to pay only for cooling energy consumed and helps businesses avoid upfront infrastructure and equipment costs while benefiting from energy savings, operational reliability, and reduced emissions.

SP Group is a leading utilities provider in Asia Pacific, empowering the future of energy through low-carbon, smart solutions. It owns and operates electricity and gas transmission and distribution networks in Singapore and Australia. — VNS