On March 11, 2020, SKYX SOLAR and SAIGONTEL signed a joint venture agreement to develop and build rooftop solar projects in Industrial Parks. The ceremony was attended by many representatives from SAIGONTEL, including Ms. Nguyen Cam Phuong, the General Director, and other esteemed leaders and managers of the company. Representing SKYX SOLAR were Mr. Brook Taylor, the Managing Director of VINACAPITAL and Director of SKYX SOLAR and other company leaders. In addition, there were also the representatives of the executive committee of Industrial Parks belonging to SAIGON INVEST GROUP (SGI).

Mrs. Nguyen Cam Phuong - General Director of SAIGONTEL and Mr. Brook Colin Taylor - Director of SKYX SOLAR and representative of both sides

According to the agreement, the two parties will co-invest in this project. SKYX SOLAR is responsible for technical evaluation, design, and management operating systems, while SAIGONTEL is in charge of project development in the industrial zones which are owned, managed or cooperated by SAIGONTEL and affiliated partners.

The venture will initially focus on 10 industrial parks in the Southern and Central regions, where the radiation level is high, to develop and operate the rooftop solar system with a capacity of 150MW within the next three years. This is the optimal renewable energy solution for industrial parks, which helps in saving costs and bringing benefits in reducing carbon dioxide emissions and ensuring that it does not affect and disrupt the business activities of the companies.

Both sides signed the contract

At the ceremony, on behalf of the joint venture, SAIGONTEL also supported and signed a Memorandum of Understanding for cooperation and development of the rooftop solar project with Saigon – Chan May Industrial Park and Non – tariff zone, one of the industrial parks of SAIGON INVEST GROUP, represented by General Director Mr. Nguyen Duy Hung, who occupies a strategic position and has many special and attractive preferential policies in the Central region.

Mrs. Nguyen Cam Phuong - General Director of SAIGONTEL representing the joint venture and Mr. Nguyen Duy Hung - General Director of SGH signed the Memorandum of Understanding.

According to Vietnam Electricity, from 2021 to 2025, the power shortage in the South will increase from 3.7 billion kWh in 2021 to nearly 10 billion kWh in 2022. Therefore, from June 2019, more than 0.5 million kWh capacity of solar power projects were invested and put into operation. However, the current capacity is not yet able to offset the shortage of electricity.

The total rooftop solar power of more than 4,000 MW is expected to be built in the next five to seven years – the potential market is much larger than this expectation.

This cooperation will open up new opportunities for businesses in the future with green energy, cost savings and environment friendliness. This is also the current trend not only in Vietnam but also globally.

News:

1. Bizhub: http://bizhub.vn/corporate-news/skyx-solar-saigontel-tie-up-to-develop-rooftop-solar-power_313904.html
2. Deal Street Asia: https://www.dealstreetasia.com/stories/vinacapital-saigontel-solar-jv-179366/