SP Group acquires two solar farms
Acquisition part of its vision to help Vietnam with sustainability targets.
SP Group, an energy utilities group and sustainable energy solutions provider in Singapore and Asia-Pacific, has acquired two solar farms in south-central Phu Yen province.
Despite the global economic uncertainty, SP is confident in Vietnam’s continued long-term development.
The deal marks SP’s first investment in solar farm assets in Vietnam and is part of its green ambitions to invest and develop 1.5 GW of utility scale and rooftop solar projects in the country by 2025. This is aligned with its long-term vision to help Vietnam achieve its sustainability targets of reaching net-zero emissions by 2050.
With this acquisition, SP will have the capability and expertise to help customers achieve 100 per cent clean energy consumption when the Direct Power Purchase Framework is in place. This acquisition demonstrates its long-term commitment to be a one-stop provider of sustainable energy services that enables commercial and industrial customers to achieve their net-zero ambitions.
Mr. Brandon Chia, Managing Director, Sustainable Energy Solutions (SEA and Australia), at the SP Group said the acquisition is a key milestone in the long-term ambition to help Vietnam transition towards a cleaner and economically-sustainable future by incorporating more renewable energy.
“Through our solar power offerings in both rooftop and utility-scale solutions, the SP Group will be a one-stop provider to help our Vietnam customers meet their decarbonization goals,” Mr. Chia added. “In addition to renewables, we aim to help businesses and cities in Vietnam go green by leveraging our capabilities in proven sustainable energy solutions, such as district cooling and our in-house digital energy management tools, to optimize energy demand and increase energy efficiency in commercial buildings, manufacturing facilities, and industrial parks.”
While the Europlast Phu Yen Solar Power Plant has been in operation since June 2019 and generates 60 GWh of clean electricity annually, the Thanh Long Phu Yen solar farm was established in December 2020 and has been generating 70 GWh of clean electricity annually.
The two solar farms will provide a total of 130 GWh of clean electricity to Electricity of Vietnam (EVN)’s power grid each year to power more than 36,000 households. Combined, they will help Vietnam reduce its carbon dioxide emissions by up to 105,000 tonnes annually.
