Two Vietnamese renewable energy developers have formed a new entity dedicated to developing corporate and industrial (C&I) solar PV and energy storage assets in Vietnam.
The two firms, August Energy and Mega Energy, have formed a joint venture—August Mega Energy—which will look to develop over 200MW of C&I solar PV and battery energy storage systems (BESS) for Vietnamese businesses. The JV is backed by US$100 million in equity and debt financing, which will be deployed towards both greenfield sites and acquiring operational assets.
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The company said it will offer origination, financing, engineering, construction and long-term operations.
“Vietnam’s C&I energy market is at an inflection point, poised for growth for the next five years. Corporates want clean, reliable and cost-competitive power—and they want partners who can deliver,” said Samresh Kumar, CEO of Mega Energy and August Mega Energy.
The overall Vietnamese solar sector has grown rapidly in recent years, adding around 21GW between 2018 and 2023, according to data from the Institute for Energy Economics and Financial Analysis (IEEFA). August Mega Energy said this growth was due to “surging industrial demand, tightening carbon compliance requirements and solar power’s rapid emergence as the lowest-cost source of power.”
However, it said that the C&I sector “remains significantly underserved”, particularly as global business and supply chains seek “credible decarbonisation pathways” from their partners.
London-based energy transition analyst TransitionZero said in November that there was around 6.7GW of rooftop solar capacity in Vietnam, around 70% of which was in the C&I sector.
Vietnam’s industrial sector includes significant solar manufacturing capacity. A report from the International Renewable Energy Agency (IRENA) found the country is the cheapest place to produce fully integrated solar modules, equivalent to a Chinese-made module. Much solar manufacturing capacity in the country is a result of investment and supply diversification from Chinese companies.
