EDF Renewables has targeted Vietnam’s solar market by investing in rooftop PV installer SkyX Solar, a subsidiary of investment management firm VinaCapital.
EDF Renewables is to invest in the installer, which has around 30MWp of rooftop solar in operation, and become its strategic partner.
SkyX intends to develop an additional 200MWp of rooftop solar and distributed energy projects for C&I customers in Vietnam over the next three years, building on the recent success of Vietnam’s rooftop PV market.
Last year Vietnam experienced a boom in rooftop solar installs that coincided with a connection deadline for subsidies in the country. More than 9GW of rooftop solar was installed in Vietnam in 2020, around 6GW of which was installed in December alone.
The rush prompted fears over the stability of the grid during peak solar generation hours, with curtailment orders becoming more frequent. Vietnam’s authorities have since stalled on enacting a replacement feed-in tariff scheme as a result.
PV Tech Premium wrote extensively on the subject at the time.
Nevertheless, investment appetite for solar and other renewables in the region remains high, and earlier this year research firm WoodMackenzie forecasted that solar and wind investments in the Asia Pacific region are to double this decade.
Don Lam, co-founder at VinaCapital, said the investment manager recognised the important role clean energy would play in Vietnam several years ago, prompting the launch of SkyX Solar in 2019.
Samresh Kumar, CEO and founder at SkyX Solar, added that it was now the company’s aim to partner with more C&I companies in Vietnam to increase its build-out plans.
“EDF Renewables, a subsidiary of EDF, is one of the world’s leading renewable energy companies, so I could not be more pleased that they have chosen to partner with and invest in SkyX. Their expertise and resources will enable us to further expand and bring our world class solutions to even more customers in Vietnam,” Kumar said.
“The potential for renewables in Vietnam is enormous, and we are keen to expand our footprint in the country drawing on our global knowhow in rooftop solar solutions,” Yalim Ozilhan, Southeast Asia director at EDF Renewables, said.