SP Group partners BCG Energy to grow renewable energy portfolio in Việt Nam

May, 24/2021 - 08:00

SP Group has signed a memorandum of understanding with BCG Energy Joint Stock Company, a wholly owned subsidiary of Bamboo Capital, that provides it exclusive rights to purchase 49 per cent of the latter’s subsidiary, Skylar Joint Stock Company.

SP Group is a leading utilities group in the Asia Pacific that enables a low-carbon, smart-energy future for its customers. — Photo courtesy of SP Group

SINGAPORE, VIỆT NAM — SP Group has signed a memorandum of understanding with BCG Energy Joint Stock Company, a wholly owned subsidiary of Bamboo Capital, that provides it exclusive rights to purchase 49 per cent of the latter’s subsidiary, Skylar Joint Stock Company.

Skylar currently has 61.1MWp of rooftop solar assets in operations located across 14 provinces across Việt Nam.  

Under the agreement, SP and BCG Energy will also jointly explore opportunities to invest in other solar power projects to enhance Việt Nam’s electricity supply capacity and support its ambitious goal of increasing the rate of electricity produced from renewables to about 32 per cent by 2030.

Skylar specialises in rooftop solar and the development and deployment of solar rooftop assets on factories and industrial zones.

BCG Energy is regarded as a pioneer developer in Việt Nam’s renewable energy industry. In recent years it has focused on researching into and implementing renewable energy projects to create an alternative supply.

It has been working closely with the world’s leading players in the solar industry on solutions, technology, infrastructure development, environmental solutions, as well as analysis and research of local energy needs. These partnerships have accelerated BCG Energy’s investments made in large renewable energy plants across Việt Nam.

BCG Energy chief executive officer Phạm Minh Tuấn said: “Our vision is to become one of the market leaders in renewable energy in Việt Nam and Asia. We aim to develop 1.5 GW by 2023 of solar farms and wind farms and an additional 500 MW rooftop solar on industrial zone and manufacturing facilities across Việt Nam over the next few years”.

SP’s group chief executive officer, Stanley Huang, said: “Việt Nam is a key strategic market for SP and this collaboration with BCG Energy will create a strong platform for us to invest in renewables projects by leveraging the strengths of both parties.”

Skylar specialises in rooftop solar and the development and deployment of solar rooftop assets in factories and industrial zones across Việt Nam. — Photo courtesy of the company

In December last year SP established its Việt Nam office in HCM City.

By extending its capabilities in sustainable energy and digital solutions, SP aims to create value-added solutions for its customers in Việt Nam and establish SP’s position as a leading sustainable energy solutions player in Asia Pacific.

SP Group is a leading utilities group in the Asia Pacific that seeks to enable a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China.

As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services.

These networks are amongst the most reliable and cost-effective world-wide.

Beyond traditional utilities services, SP Group provides a suite of renewable and sustainable energy solutions including solar energy solutions, microgrids, cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region.

BCG Energy is the holding company for renewable energy assets under Bamboo Capital JSC, a company listed on the Ho Chi Minh Stock Exchange.

BCG Energy was founded in 2017 as a key pillar in BCG’s long-term growth strategy. Aligned with the Government’s directive for renewable power, BCG Energy focuses on development and operation of ground- mounted and rooftop solar assets in Việt Nam.

As part of its strategy to achieve 2 GW of capacity by 2023, BCG Energy also intends to diversify its portfolio into floating solar, wind power, and LNG projects in the future.

Skylar JSC, its subsidiary, concentrates on rooftop solar, and is hailed by its partners for its ability to implement projects on schedule.

In 2020 it installed nearly 50 MW of rooftop solar in many provinces and cities across Việt Nam.

In 2021-22 it is expected to install another 250 MW. — VNS

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