Press Release

PRESS RELEASE: SolarBK and Banpu NEXT ink an investment deal to escalate the potential of renewable energy in Vietnam

Publish date 25/08/2022

On August 24th, 2022, SolarBK Group and Banpu NEXT, a leading Smart Energy Solutions provider in Asia-Pacific, join force for the development and expansion of solar rooftop in Vietnam.

Accordingly, the representatives of the two sides to sign the contract are two member companies: SolarESCO Joint Stock Company and BRE Singapore Pte. Ltd (BRES) )—Banpu NEXT’s wholly-owned subsidiary acquires 49.04% shares from SolarESCO, becoming a strategic capital shareholder.

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The Strategic Partnership Announcement was hold in 24/08/2022. Source: SolarBK

Mr. Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT, said "A flagship clean energy and energy technology business of BANPU, Banpu NEXT offers ‘total solution’ (one-stop service) of  smart clean energy solutions to customers across the Asia-Pacific. The company is driven under the Banpu Group’s Greener & Smarter strategy and is committed to enabling adoption of clean energy to create the future of sustainable energy. Realizing the potential of Vietnam, the company started expanding its clean energy business in the country in 2018. Banpu NEXT has continued to invest in solar and wind power plants with a total capacity of 218 MW. Such a partnership with SolarBK Group, a leading renewable energy company, will strengthen our business in Vietnam. The company also continues the expansion of its regional portfolio including Thailand, China, Japan and Indonesia in order to enhance betterment of people’s lives with the goal of fostering Net-Zero society.”

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The event is considered a potential milestone for the rooftop solar industry in Vietnam. Source: SolarBK

SolarBK Group - the leading solar power company in Vietnam, specializes in investing and providing a full-pledged solar power platform, covering research, production, design - construction, EPC and O&M. SolarESCO the member company with extensive experience and advantages from SolarBK Group’s ecosystem has made its mark when cooperating with Vincom Retails for a chain of 50 solar power systems in commercial centers across the country, a total of capacity of 14 MW; 5-star standard manufacturing/processing factories of Adidas, Puma, New Balance, H&M brands, such as: Tong Hong tanery, Oasis, Jim Brothers, Shimmer,... As of the first quarter of 2022, SolarBK Group has supplied to the market about 250 MWp.

This cooperation aims to capture 25% market share of rooftop solar power in Vietnam, of which, at least, 106 MW will be invested and deployed within 18 months. In addition, the two sides also continued to exchange in the direction of further cooperation to bring SolarBK's solutions and products to the international market. In the long term, both sides share a common vision towards an energy platform where smart and energy-saving solutions are connected.

Mr. Nguyễn Dương Tuấn, Chief Executive Officer of SolarBK group said “We are delighted to accompany Banpu NEXT. The two sides share the same vision, values, and industry understanding; That's what we prioritize when deciding to cooperate. For customers, our point of view when implementing any solar power project is that quality comes with commitment and long-term companionship. We do not view solar systems merely trading or investing for short-term transfer. Banpu NEXT's expertise and experience in energy technology business ensure that the investment decision is solid and will help speed up the project implementation, combined with the foundation of the past 16 years, we confidently accompany customers throughout the project life cycle.”.

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This cooperation is also a “spotlight" of the clean energy industry and promises to accompany with the green development goal for enterprises. Source: SolarBK

In the context that Vietnam is waiting for the approval of the Power Development Plan VIII, renewable energy in general and rooftop solar power still attract the attention of many parties, because this is one of the priority areas in the commitment by the Prime Minister at COP26. Domestic and FDI enterprises, especially the manufacturing sector, have implemented many plans toward sustainable development, in which the application of renewable energy has become an indispensable factor.