VND 792 Billion Green Bond Backs 58 MW Solar In Vietnam

A VND 792 billion (around $30 million) green bond, backed by GuarantCo, will help Verdant Energy expand its commercial and industrial (C&I) solar portfolio in Vietnam, which the company says is the country's first certified green C&I solar bond. 

GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided a payment default guarantee for Verdant’s green bonds issued by Verdant Energy's C&I solar platform in Vietnam. Singapore-headquartered Verdant says this marks its maiden capital market issuance globally.  

The 15-year bonds, backed by a guarantee of the same duration, represent the longest tenor available for this type of financing in Vietnam, according to an official statement. This financing will support the construction of 58 MW of rooftop C&I solar projects in the country.  

Global investment firm AP Moller Capital-backed Verdant counts apparel and manufacturing companies, among other businesses, as offtakers for its projects as these seek electricity cost savings through rooftop solar systems. 

The bonds will be issued in 2 phases by the end of 2026, with the first tranche fully subscribed by domestic institutional investors, mainly insurance companies.  

Managing Director of Asia Investments at GuarantCo and Head of Coverage – Asia for PIDG, Nishant Kumar, said, “We are hopeful that this transaction will function as a replicable model to build the confidence of issuers and investors in operating in the sustainable infrastructure space, where private capital is urgently needed to transform lives, and support climate resilience and economic development.” 

Solar energy in Vietnam’s C&I segment is expanding fast. According to a November 2025 TransitionZero analysis, the country had 6.93 GW AC of rooftop solar capacity distributed across C&I (4.91 GW AC) and residential (2.02 GW AC). C&I dominates the rooftop solar segment as multinational and manufacturing companies across industries seek to decarbonize their supply chains.  

Vietnam introduced official rooftop solar guidelines in 2025 for both self-consumption and 3rd-party power purchase agreements (PPAs), providing greater regulatory clarity for the sector. Under its latest power development plan, the country aims to install rooftop solar on 50% of public buildings and homes by 2030. 

Verdant says the transaction supports Vietnam's National Power Development Plan VIII and the country's 2050 net-zero target by expanding renewable energy for C&I customers.  

Recently, Brookfield announced plans to deploy up to 1 GW of utility-scale solar, wind and battery storage capacity in Vietnam to support Foxconn’s operations and supply chain in the country (see Foxconn, Brookfield Target 1 GW Solar & Wind In Vietnam).