SP Group partners with BCG Energy to tap into Vietnam solar market

Image: Intel_Free_Press/Flickr

Singaporean utility company SP Group has signed a memorandum of understanding with BCG Energy, a holding subsidiary of Vietnamese investor Bamboo Capital, to support the development of new renewable energy projects in the country.

As part of the deal, SP will be able to acquire a 49% stake in BCG Energy’s subsidiary, Skylar Joint Stock Company, which has a rooftop solar portfolio across the country totalling 61.1MWp capacity.

The news comes two weeks after SP Group signed a joint venture deal with China’s Jinko Power Technology to acquire 102MWp of rooftop solar assets and bolster its renewable portfolio in the country. SP will own a 60% stake in the newly formed entity.

SP’s chief executive Stanley Huang said that Vietnam is a “key strategic market” for the company, and the partnership will provide a stronger platform for both the utility and investor to fund new projects there.

The two companies will also invest in future solar power projects in the country, which has been singled out as a fast emerging market in the renewables sector. Developers installed 9GW of solar across Vietnam in 2020, with deployments surging towards the end of the year. More than 6.7GW of solar capacity was installed in December 2020 alone.

Tuan Pham, BCG Energy’s chief executive, said that the company aims to develop 1.5GW of solar capacity by 2023, and 500MW of commercial and industrial solar installations in order to become “one of the market leaders in renewable energy in Vietnam and Asia.”

27 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.

Read Next

September 23, 2022
Solar accounted for half of all global power generating capacity added last year, with 182GW deployed, a 25% increase on 2020, according to a report from BloombergNEF (BNEF).
September 22, 2022
Tech major Amazon has expanded its renewables portfolio globally with 71 new projects with a total capacity of 2.7GW.
September 21, 2022
Under the REPowerEU scenario to install 750GWdc of solar across the European Union by 2030, the bloc will require 1 million solar workers, double the numbers from 2021.
September 15, 2022
The Association of Southeast Asian Nations (ASEAN) will deploy 241GW of solar PV by 2030, with the technology dominating new capacity additions.
September 14, 2022
Private equity giant BlackRock Real Assets has acquired New Zealand solar and energy storage provider solarZero.
September 8, 2022
The UFLPA could limit solar deployment through 2023 due to module availability constraints, delaying the benefits of the IRA to 2024 and beyond.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)