New joint venture to make 390MW solar push in Vietnam

New joint venture to make 390MW solar push in Vietnam

Banpu NEXT, a top net-zero solutions provider in the Asia-Pacific region, and SolarBK, a Vietnamese clean energy company, have agreed to establish a joint venture named Esco NEXT with the aim of expanding the market for the provision of renewable energy solutions for businesses and communities.

Under the first phase of the agreement, announced on March 6, Esco NEXT plans to deploy at least 390MW of rooftop solar power over the first few years.

Esco NEXT is a continuation of a fruitful collaboration between SolarBK and Banpu NEXT that began in 2022. Both companies value the success and mutual respect established during their prior venture, especially amid the challenges that the domestic solar power market faced over the past few years and the pressures to recover the industry following the pandemic.

James Rama Phataminviphas, group senior vice president of Banpu NEXT Co., Ltd, said, "This partnership is a key milestone in our goal to accelerate growth in our solar rooftop portfolio. We see Vietnam's potential as a market for renewable energy solutions and believe that this deal can strengthen our ecosystem while contributing to the country’s net-zero goals."

Meanwhile, Nguyen Duong Tuan, general director of SolarBK group said, "Esco NEXT represents a significant step in SolarBK's development strategy. This partnership will enable us to offer a multitude of green energy solutions to our business clients and those in the community."

Banpu NEXT's previous investments include solar farms in China, Japan, Vietnam, Australia, and the United States, along with wind farms in Vietnam.

VIR