Singapore utility to invest $540 mln in Vietnam renewable energy

By Quang Tue May 12, 2022 | 07:00 pm PT

SP Group’s solar farm at a Vinamilk factory in the Central Highland Lam Dong Province. Photo courtesy of SP Group

SP Group, a Singaporean state-owned electricity and gas distributor, has pledged an investment of S$750 million (US$540 million) in sustainable energy in Vietnam.

The company would support the country's transition to green energy by providing solutions for both the public and private sectors, its CEO Stanley Huang said at a press meeting Thursday.

It targets generating one gigawatt of electricity from renewable sources by 2025, he said.

The goal is "completely feasible" since demand for solar energy is expected to grow by at least 6-7 percent a year.

It is also encouraged by Vietnam’s commitment to achieve net zero-carbon emissions by 2050, he added.

Last year the company formed a joint venture with BCG Energy Joint Stock Company, a subsidiary of Vietnamese conglomerate Bamboo Capital.

The joint venture announced a tie-up with Vinamilk, Vietnam’s largest dairy company, to install a combined 25 megawatt of rooftop solar at nine factories and seven farms.