EDF Renewables has invested in SkyX Solar, a subsidiary of investment management firm VinaCapital, to target the Vietnamese solar industry. EDF Renewables is to invest in the installer, which has around 30 MWp of rooftop solar in operation and become its strategic partner. SkyX plans to create an additional 200 MWp of rooftop solar and distributed energy projects for commercial and industrial (C&I) clients in Vietnam over the next three years.

VinaCapital is a leading investment management firm headquartered in Vietnam, with a diversified portfolio of over USD3.7 billion in assets under management. The company was founded in 2003. Meanwhile, EDF Renewables North America has a renewable portfolio consisting of 13.8 GW of gross installed capacity worldwide. Its development is mainly focused on wind and solar photovoltaic power. While the company operates mostly in Europe and North America, it is now also focusing on expanding into emerging markets such as Brazil, China, India, South Africa, Australia and the Middle East.

Recently, EDF Renewables and MEAG entered into a strategic partnership under which a subsidiary of Munich Re would acquire a 50 per cent stake in two renewable energy projects in California. The two projects include the Maverick 6 Solar-plus-Storage Project and the Maverick 7 Solar Project. The former has a capacity of 131 MW coupled with a 50 MW/200 MWh battery energy storage system, while the latter has a capacity of 179 MW. In another development, Anglo American Platinum has chosen EDF Renewables South Africa and Pele Green Energy to build a 100 MWp solar photovoltaic system at its Mogalakwena platinum mine in South Africa. The initiative is part of the mining company’s long-term sustainability plan in South Africa.

REGlobal’s Views: Vietnam’s rooftop solar industry has grown by a significant margin over a short span of time to become a leading market in Southeast Asia. Thus, it has started attracting a large number of players who want to expand their portfolios in this growing space.