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EDF Renewables invests in Vietnamese PV rooftop market

Thanks to Huawei’s optimizers, and the Smart String Energy Storage System Solution, this rooftop installation in Ho Chi Minh City, Vietnam, can incorporate modules of different power ratings and provide 24-hour electricity to its owner.
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Investment management company, VinaCapital Group today announced that France-based EDF Renewables has invested an undisclosed sum in SkyX Energy, one of its subsidiaries and the holding company of SkyX Solar.

Serving the commercial and industrial (C&I) solar sector, Vietnam’s SkyX Solar currently has around 100 MWp of PV projects either in operation or development, says VinaCapital, and it now plans on investing US$100 million in the roll-out of 200 MWp more over the next few years.

Samresh Kumar, CEO and Founder of SkyX Solar commented, “We intend to partner with more industrial companies in Vietnam to build many hundred MWs of solar capacity with them.”

According to Bloomberg NEF this January, Vietnam’s cumulative rooftop PV capacity reached 9.3 GW in 2020, with over 6 GW installed in December 2020 alone as project developers rushed to meet a December 31 solar feed-in tariff deadline. This represents an eight-fold increase from just 378 MW in 2019, noted the analysts.

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Meanwhile, in its Global Market Outlook for Solar 2021-2025, European trade Association SolarPower Europe commented, “Vietnam is a very encouraging example, showing that the solar industry is now ready to develop even more sophisticated market segments like rooftop PV from basically zero to world record levels in a very short time – all it needs is the right policy and technical framework conditions, and a workforce with the right skillset.”

* The article was amended on October 13, 2021, at 1.30 pm to correct the statement that EDF renewables will invest $100 million in SkyX Energy.

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Source: pv magazine