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VinaCapital seeks to sell SkyX Solar for $100 million

Xuan Thinh Friday | 12/15/2023 09:47

Photo: congthuong.vn

VinaCapital is considering selling SkyX Solar in a deal that could value the Ho Chi Minh City-based solar rooftop power developer at more than $100 million, three sources told Reuters.

The potential sale comes at a time when renewable companies and assets are becoming increasingly appealing to investors looking to capitalize on growth in the sector, driven by the global push to transition to zero-emission economies.

According to the sources, VinaCapital is in talks with a financial advisor about selling the renewable company it founded in 2018.

It was not immediately clear how much VinaCapital is looking to sell in SkyX, as sources said discussions were ongoing.

According to a statement issued at the time, Paris-based renewable energy business EDF Renewables, an international pioneer in renewable energy, invested in SkyX in 2021. SkyX Solar, with EDF Renewables as a strategic partner, operates roughly 30 MW of solar installations.

"As the leading investment manager in Vietnam, VinaCapital is routinely approached by third parties who would like to participate in our investments, including in SkyX, which has become a leading C&I (commercial and industrial) rooftop solar power developer in Vietnam," according to an email sent to Reuters by VinCapital.

"We review and evaluate any such proposals and make announcements as appropriate," the company said.

As stated by VinaCapital, SkyX Solar intends to allocate a minimum of $100 million in collaboration with strategic partner EDF Renewables towards the construction of an additional 200 MWp of rooftop solar power in Vietnam. This expansion is intended to cater to the needs of commercial and industrial clients.

 

SkyX Solar is building more than 100 MW of rooftop solar power projects at more than 40 sites around Vietnam, according to VinaCapital.

SkyX Solar, in collaboration with partners VinaCapital and EDF Renewables, wants to assist corporations in meeting their "Net-Zero" commitments through direct power purchase agreements by establishing solar farms and wind energy farms in Vietnam.

Customers include Mondelez, An Phat, Nike OEM, New Balance OEM, Tan A Dai Thanh Group, Minh Phu Group, and others who are leaders in promoting the use of renewable energy.

SkyX Solar currently offers full rooftop solar power solutions with the criterion of no investment expenses, no operating costs, and simple solutions for consumers.

This not only addresses the requirement for sustainable energy development, but it also helps to reduce carbon emissions and save customers millions of dollars in electricity prices.

Source: Reuters

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