EDF sets sights on Vietnam’s solar market through SkyX Solar investment

A 9MWp rooftop solar install completed by SkyX in Dong Nai, Vietnam, last year. Image: SkyX Solar.

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.

7 September 2022
The demand for rooftop solar PV is soaring, driven by falling costs of the technology against energy crises that are gripping countries globally. But while an increasing number of households turn to solar to generate their own electricity, there is now a need for more specialist equipment, technologies and services to ensure the solar transition can reach as many customers as possible. Delivering these is now a major challenge for rooftop solar installers. This webinar will analyse the characteristics of the rooftop solar market, discussing how the products, logistics, installation and servicing of solar systems has evolved in line with consumer demands.
14 September 2022
Join us in London for 2 days as we look at the UK’s new landscape for utility & rooftop solar. Understand the new opportunities within this GW-plus annual market!

Read Next

August 11, 2022
Finlay Colville, Solar Media's head of market research, lays out the UK's path to achieving 40GW+ of solar PV by 2030 after rebounding from recent headwinds in its solar sector
PV Tech Premium
August 4, 2022
PV Tech Premium unpicks South Africa's recently unveiled policy measures aimed at tackling the country's energy crisis and boosting renewables deployment.
August 3, 2022
Global investment in renewable energy reached a record half-year figure of US$226 billion in H1 2022, driven by soaring demand for clean energy technologies amid the ongoing energy and climate crisis, according to a BloombergNEF (BNEF) report.
August 2, 2022
The building-integrated PV (BIPV) market is expected to reach US$94.4 billion by 2031, up from US$11.7 billion recorded in 2021.
August 1, 2022
India installed more than 12GW of solar PV in the financial year 2022 (FY2022) but this is expected to soar to more than 20GW in FY2023 as the country looks to accelerate its solar deployment, according to JMK Research.
July 29, 2022
Residential installer Sunnova continues to reduce its net loss while recording its best quarter in terms of sales during the second quarter.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event