Solarvest Acquires 11 Solar PV Projects in Vietnam

Image: Solarvest

Malaysian clean energy firm Solarvest Holdings (Solarvest), via its wholly-owned subsidiary, Solarvest (Vietnam), has secured a total of 11 rooftop solar photovoltaic installation projects in Vietnam, with a combined capacity of 12.8 MWp.

The Malaysian group’s expansion into the Vietnamese market aligns with its commitment to address the surging demand for sustainable energy solutions. Currently, Solarvest boasts a robust project tender book of 100 MWp in the country, demonstrating its dedication to the growth and development of clean energy initiatives in the region.

Solarvest said it will play a pivotal role as a clean energy developer for these secured projects, actively engaging in project development, financing procurement, and the provision of comprehensive operations and maintenance services. The company is collaborating with a local partner that will deliver engineering, procurement, construction, and commissioning services for these projects.

Commenting on the agreement, Executive Director and Group Chief Executive Officer of Solarvest, Davis Chong Chun Shiong said: “The prospects in Vietnam’s clean energy market are highly promising, with its commitment to transition away from coal as outlined in the Vietnam Eight National Power Development Plan (PDP8).”

The PDP8 establishes ambitious goals in the country’s energy generation mix, aiming for renewables installed capacity to reach 150 gigawatts by 2030 and 500 GW by 2050.

“Vietnam’s Ministry of Industry and Trade recently introduced a mechanism to incentivise the development of rooftop solar power systems, with a vision of equipping half of the country’s office and residential buildings with rooftop solar panels by 2030,” Davis added.