SP Group (SP) and BCG Energy, a wholly-owned subsidiary of Bamboo Capital JSC, have formalised a joint venture (JV) to invest in rooftop solar and other renewable energy projects in Vietnam.
In a press statement on Monday, SP said that it will own 49 per cent of the Vietnam JV, while the wholly-owned subsidiary of Bamboo Capital JSC will own 51 per cent of the solar projects.
The JV will have an initial target of 500 megawatts (MW) of rooftop projects by 2025, contributing to Vietnam’s target of having 30 per cent of its electricity generated through renewable energy sources by 2030.
As part of the JV’s first rooftop solar project, it will work with Vinamilk, Vietnam’s largest dairy production company, to install a combined 25MW of rooftop solar power across nine factories and seven farms.
The installation will generate 35,000 megawatt-hour of clean electricity annually, enough to power approximately 20,000 households in Vietnam. It also amounts to a reduction of 32,000 tonnes of annual carbon emissions, equivalent to taking approximately 7,000 cars off the road.