Singaporean national utility invests $540 mln in Vietnam energy sector

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

It targets generating one gigawatt of electricity from renewable sources from now to 2025.

With only 2.5 years left until the given deadline, Huang said the goal is “completely feasible”, as demand for solar energy is expected to grow by at least 6-7 percent a year.

It is also encouraged by Vietnam’s commitment of reaching net zero-carbon emission by 2050, he added.

Brandon Chia, SP Group’s managing director for Southeast Asia and Australia, said the company eyes investing more in Vietnam by 2025.

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

The joint venture announced its first rooftop solar project with Vinamilk, Vietnam’s largest dairy producer, to install a combined 25 megawatt of rooftop solar across nine factories and seven farms