French company EDF Renewables has made an undisclosed investment into a rooftop solar power developer subsidiary of VinaCapital, seeking to profit from the booming industry in Vietnam.
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With the investment SkyX Energy, the holding company of SkyX Solar that has 30 megawatt-peak of solar projects under operation, plans to invest more than $100 million into further develop 200 megawatt-peak of rooftop solar and distribute energy solar projects for customers over the next few years, VinaCapital stated.
“The potential for renewables in Vietnam is enormous, and we are keen to expand our footprint in the country by drawing on our global knowhow in rooftop solar solutions,” said Yalim Ozilhan, Southeast Asia director of EDF Renewables.
In recent years, Vietnams’ rooftop solar energy sector has grown from virtually nothing into Southeast Asia’s leading solar market, with cumulative rooftop solar capacity totaling 9.3 gigawatts by the end of last year, VinaCapital said.
EDF Renewables is an international leader in renewable energies, with gross installed capacity of 13.8 gigawatts worldwide.
SkyX Solar invests, designs, builds and operates solar systems for its commercial and industrial customers in Vietnam.
Founded in 2003, VinaCapital is a leading investment management firm headquartered in HCMC, with a diversified portfolio of over $3.7 billion in assets under management.