Tenaga Nasional Berhad’s subsidiary, TNB Renewables, will buy a 39 percent share in five solar rooftop projects from Singapore’s Sunseap Group in Vietnam.
TNB would profit from the acquisition by gaining a foothold in Vietnam’s rapidly growing renewable energy market. Rooftop solar installations exploded in Vietnam last year, with over 9 gigawatts peak (GWp) of rooftop solar installed in the country prior to a hard construction deadline for feed-in tariffs.
Rooftop solar installations in Vietnam increased by 2,435 percent in 2020, from 378 megawatts peak (MWp) capacity in 2019 to 9.583 GWp in 2020.
TNB is paying an undisclosed amount for Sunseap’s five solar projects in southern Vietnam. The projects were completed in December and has 21.6MWp of capacity
TNB has reached a significant milestone in expanding its international renewable energy footprint into Southeast Asia with this purchase.
TNB’s global RE portfolio included 2,732 MW in Malaysia and 666 MW in the UK, Turkey, and India, with most of the assets being solar, wind, and hydro energy generation assets. TNB wants to increase its total renewable energy portfolio to 8,300MW by 2025, including significant hydropower projects.
Sunseap, according to TNB, is one of Southeast Asia’s top solar rooftop companies and Singapore’s largest solar power group, with a fully integrated solar power sector that includes a presence in the retail energy market.
TNB explained Sunseap has 1.2GW net capacity across 11 markets and over 200 assets in many development stages.
The new 21.6MW rooftop solar project complements Sunseap’s 168MW utility-scale solar farm in Vietnam, which it completed in 2019. Also, the company is working on to develop additional 650MW projects in the country.