Vietnamese renewable energy company SK Ecoplant and local rooftop solar installer Nami Solar have joined hands to float a joint venture (JV) company to build 250 MW rooftop solar capacity in the country over the next 4 years, for a total investment of $200 million.
The JV company Saturn Solar Energy, with SK Ecoplant and Nami Solar as 49% and 51% stakeholders respectively, will target the industrial segment in southern and central Vietnam to install rooftop PV panels for large factories and warehouses. Power generated will be consumed on site by the industrial complexes, and remaining will be sold to the national utility EVN.
To start with, 65 MW capacity will be installed at Sonadezi Industrial Complex in Dong Nai province. Construction is scheduled to commence in February 2022 and commissioning in June 2022. Post this, the JV will develop around 60 MW to 65 MW annually till it achieves the 250 MW target. Once online, the entire 250 MW capacity is likely to generate 365,000 MWh annually.
While SK Ecoplant will be responsible for security regulatory approvals and permits, Nami Solar will develop the projects, execute direct power purchase contracts (DPPA), and provide EPC services.
In October 2021, Osaka Gas and Sojitz Corporation joined hands with Loop to launch SOL Energy as a rooftop solar installer for commercial and industrial (C&I) market of Vietnam (see New Vietnamese Rooftop Solar Joint Venture).
While investor interest in Vietnamese solar market grows, the country's NLDC recently said it does not want to add any more wind or solar power plants in the 2022 national plan, citing grid constraints (see Vietnam To Go Slow With RE In 2022).
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