Samsung subsidiary joins hands with Vietnamese firm to develop rooftop solar power
Samsung subsidiary joins hands with Vietnamese firm to develop rooftop solar power
Vietnam’s CME Solar Investments has entered into a joint venture with Vista Global, a subsidiary of Samsung C&T under South Korean tech giant Samsung, to boost the development of rooftop solar energy in Vietnam.
Representatives of CME Solar Investments and Vista Global under Samsung C&T sign a joint venture agreement to develop rooftop solar power in Vietnam. Photo: CME |
Both sides have expressed a commitment to spurring solar power sustainability and supporting Vietnam with its transition to a low-carbon economy.
The CME-Vista joint venture aims to foster the development of rooftop solar power projects in the Southeast Asian nation and promote the use of clean energy nationwide.
A representative of CME said that the combination of Vista Global’s advantages in finance and advanced power technology and CME’s broad local knowledge would enable the joint venture to provide highly-productive solar power solutions to ramp up energy production in Vietnam and help it achieve its target of reaching net-zero emissions by 2050.
At an investment conference focused on sustainability in Ho Chi Minh City in early 2024, Samsung expressed its intention to collaborate with the city on developing rooftop solar power.
The company also aired its ambition to transform Saigon Hi-Tech Park into the first net-zero hi-tech park in Vietnam.
Big opportunities on horizon for energy firms
In early July, the Vietnamese government issued Decree 80, which facilitates the direct power purchase agreement (DPPA) mechanism between renewable energy generators and large consumers.
The decree gives energy firms the right to buy power directly from energy generation companies, particularly those with foreign investment. Energy firms, however, are still awaiting more details before making such purchases.
Meanwhile, some major enterprises, including foreign-invested companies, have started negotiations with energy generators on direct power purchase through state utility Vietnam Electricity (EVN)’s transmission lines.
A draft decree from Vietnam’s Ministry of Industry and Trade regarding self-produced and self-consumed rooftop solar power could potentially offer significant opportunities for companies to expand into the renewable energy sector.
The draft proposes that installations that do not feed excess power into the national grid may not face capacity restrictions, presenting a clear advantage for businesses.
A recent announcement from Deputy Prime Minister Tran Hong Ha revealed key considerations for the decree, urging the ministry to simplify administrative procedures, explore the possibility of purchasing 100 percent of excess power from systems equipped with storage batteries, and consider raising installation capacities.
These steps are part of broader efforts to foster investment and development in Vietnam’s renewable energy landscape, particularly in rooftop solar power.
