In a press release sent to Enlit Asia directly, we learned SP Group will be joining forces with BCG Energy Joint Stock Company (BCG), a solely owned subsidiary of Bamboo Capital JSC, signed a Memorandum of Understanding (MoU) to begin investing in renewable energy projects in Vietnam. The MOU also includes an exclusive right for SP Group to acquire up to 49 percent of its subsidiary Skylar Joint Stock Company (Skylar).
With 61.1MWp of rooftop solar assets in operations, Skylar specialises in rooftop solar and the development and deployment of solar rooftop assets on factories and industrial zones across Vietnam. Skylar’s assets are located across 14 provinces in Vietnam. With Skylar as part of this new deal, SP Group and BCG will jointly explore investing in other solar power projects to enrich Vietnam’s electricity supply capacity. This venture also will support Vietnam’s target by reaching 30 percent of electricity produced from renewable energy sources by 2030.
“Our vision is to become one of the market leaders in renewable energy in Vietnam and Asia.” – Tuan Pham, CEO for BCG Energy
Tuan Pham, BCG Energy Chief Executive Officer, said of the partnership, “Our vision is to become one of the market leaders in renewable energy in Vietnam and Asia. We aim to develop 1.5 GW by 2023 solar farms and wind farms and an additional 500 MW rooftop solar on industrial zone and manufacturing facilities across Vietnam over the next few years.” Currently BCG’s priority is to research and incorporate renewable energy projects to create an alternative supply. BCG is a seamless fit for this partnership because BCG is seen as an innovator in Vietnam’s renewable energy industry with a portfolio of renewable energy assets.
“Vietnam 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,” said Mr. Stanley Huang, SP’s Group Chief Executive Officer. Due to the tactical significance of Vietnam as a market for SP Group, with this partnership, they aim to contribute towards future goals to increase the rate of electricity produced from renewable energy sources accomplished through their experience in sustainable energy and digital solutions.
In November last year, SP Group established their first Vietnam office located in Ho Chi Minh city. Leveraging capabilities in sustainable energy and digital solutions, SP Group aims to create value-added solutions for customers in Vietnam and establish a position as a leading sustainable energy solutions player in the Asia Pacific. With BCG Energy, SP Group will explore opportunities to invest in other solar power projects moving forward and add further cachet to their portfolio by positioning SP Group as a leading sustainable energy solutions player in the Asia Pacific.