SK Ecoplant, part of the South Korean conglomerate SK Group, has signed a US$200 million joint venture (JV) agreement with Vietnamese rooftop specialists Nami Solar for the development of 250MW of rooftop solar in Vietnam over the next four years.
The pair are targeting industrial units in Vietnam that want low-cost renewable energy in order to be in line with Vietnam’s climate goals, which include becoming carbon neutral by 2050.
Under the agreement, SK Ecoplant is responsible for registration, issuance, conversion, and sales of carbon emission rights, while Nami Solar will take on business development, licensing, power purchase agreements (PPAs) and engineering, procurement and construction (EPC) work.
The JV’s first project, a 65MW rooftop system on the Sonadezi Industrial Complex located in Dong Nai Province, will begin construction in February and will come online in June, lasting for a period of 20 years, SK Ecoplant said.
Following this, one 60MW-65MW project will be developed each year, totalling a capacity of 250MW after four years, said the company via a media release.
The two companies created the JV – ‘Saturn Solar Energy’ – in August last year, with Nami Solar controlling a 51% stake.