SK Group to inject $200 mln into Vietnam’s solar energy

The money is earmarked for building a 250 MWp rooftop solar power project in Vietnam, according to a statement from the company.

Both the Vietnamese and RoK Governments highly value programs in response to climate change, recovery, and green growth. Vietnam has pledged to be carbon neutral by 2050, while the RoK has vowed to cut carbon emissions by 40 percent by 2030.

The joint venture expected that solar power development will help concretise high-level commitments of the two governments.

At the same time, it will assist SK Ecoplant in realising its goal of becoming a major renewable energy investor in the world, and Nami Solar in becoming a leading company in distributed solar power in Vietnam.

The two companies previously established Saturn Solar Energy, a joint venture for this project in August last year. The stake is 49% by SK Eco Plant and 51% by Nami Solar.

For this project, SK ecoplant is in charge of registration, issuance, conversion, and sale of carbon emission rights, while Nami Solar is in charge of business development, licensing, EPC (design, procurement, construction), and operation.

SK ecoplant was the first private construction company to register renewable energy power generation projects such as solar and wind power in Vietnam as a program Clean Development Mechanism (CDM) project of the United Nations Framework Convention on Climate Change (UNFCCC), laying the groundwork for securing Korean carbon credits.

The company produces eco-friendly electricity by installing solar panels on the roofs of large factories and warehouses within the industrial complex.

In addition, SK ecoplant plans to import carbon credits secured through solar power generation, a renewable energy, to Korea and sell them to companies that allocate carbon credits.

The first place to start a business is the Sonadezi Industrial Park. The 65MW scale will start construction in February, start power production in June, and operate for the next 20 years.