Malaysia’s Solarvest Holdings Bhd said it has acquired rooftop solar projects totaling 12.8 MWp in Vietnam, with another 100 MWp being tendered in the country.
The group is also exploring wind energy projects to grab opportunities in the country, as well as to enter battery storage to enhance the efficiency of its renewable energy projects in Vietnam, it said in a statement on September 25.
The announcement follows Solarvest’s recent wins in Singapore and Brunei totaling 4 MWp of rooftop solar projects in July. It is also exploring projects in Taiwan.
The Malaysian company’s overseas projects tender book currently stands at 620 MWp, said the group CEO Davis Chong Chun Shiong.
“The prospects in Vietnam’s clean energy market are highly promising, with its commitment to transition away from coal as outlined in the Vietnam Eight National Power Development Plan (PDP8),” he said.
Chong said the Vietnamese government has introduced mechanisms to incentivize the development of rooftop solar power, with the aim of equipping half of the country’s office and residential buildings with rooftop solar panels by 2030.
According to the PDP8 approved in May, Vietnam’s 2030 solar capacity target has been set at 12.84 GW or 8.5% of total energy capacity target.
Among mechanisms proposed by Vietnam’s trade ministry in June include providing unlimited rooftop solar capacity, as well as tax exemptions.