TNB Renewables has announced that it will acquire a 39 per cent stake in five rooftop solar projects developed by the Sunseap Group in southern Vietnam. The projects have a cumulative installed capacity of 21.6 MW and were completed in December 2020 under the country’s “Feed-in-Tariff 2” Program. The five projects have power purchase agreements for 20 years with Vietnam Electricity, a state-owned utility. As per the power purchase agreement, electricity will be sold to the utility at $0.0838 per kWh. The acquisition process will be completed by March 2021.
Currently, Sunseap has a 90 per cent stake in all five projects, and after the deal goes through, Sunseap’s stake will come down to 51 per cent. The remaining 10 per cent will be held by Sun Times Energy Joint Stock Company.
Sunseap Group is a renewable energy developer based in Singapore and has installed over 300 MW of contracted rooftop solar projects, out of which 168 MW are based in its home country. In March 2021, Sunseap and TNB announced plans to form a joint venture with TNB Renewables to procure 100 MW of electricity from Malaysia on trial for two years.
In addition to the capacity acquired in Vietnam, TNB Renewables’ current renewable energy portfolio consists of 2.7 GW in Malaysia and 666 MW across the UK, Turkey, and India, comprising solar, wind, and hydro energy generation assets.