EDF Renewables invests in VinaCapital rooftop solar subsidiary

  • Oct 14, 2021
  • Vietnam Bizhub

VinaCapital Group, one of Viet Nam’s leading investment management companies with over US$3.7 billion in assets under management, announced on October 14 that EDF Renewables, an international leader in renewable energy, has made a significant investment in its subsidiary SkyX Energy, the holding company of SkyX Solar, a rooftop solar power developer.

SkyX Solar, which has around 30 MWp of solar projects in operation, plans to invest more than $100 million to further develop 200MWp of rooftop solar.

Don Lam, co-founder and CEO of VinaCapital, said: “A few years ago we recognised the critical role that clean energy will play in powering Viet Nam’s continued growth and development. The launch of SkyX Solar in 2019 is just one of our initiatives in the sector, and in a very short span of time, it has grown to become a leading player in the commercial and industrial rooftop solar market in the country.

“We look forward to working with EDF Renewables to help SkyX Solar grow as well as exploring other projects where there are synergies.”

Samresh Kumar, CEO and founder of SkyX Solar, said, “SkyX Solar has around 100 MWp of rooftop solar projects in operation or under development, and we intend to partner with more industrial companies in Viet Nam to build many hundred MWs of solar capacity with them.

“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 Viet Nam.”

Yalim Ozilhan, Southeast Asia director of EDF Renewables, said, “The potential for renewables in Viet Nam is enormous, and we are keen to expand our footprint in the country, drawing on our global know-how in rooftop solar solutions.

“We are delighted to partner with VinaCapital and invest in SkyX Solar, which has quickly scaled up providing world-class rooftop solar solutions to meet the high demand for low-carbon sources of energy from commercial and industrial customers, something that is set to increase in the years ahead.” — VNS