Brian Jeffrey
A significant move in the Vietnamese market is the acquisition of a 28.7 MWp rooftop solar system by Levanta Renewables, a major renewable energy company. This project in Dong Nai province is set to be one of the largest solar ventures nationwide, covering an extensive rooftop area.
Expected to generate over 34 GWh annually, the project will provide green energy to Vietnam Electricity (EVN) through long-term Power Purchase Agreements (PPAs).
CEO Sudhir Nunes of Levanta Renewables views this acquisition as a crucial step in their expansion in Vietnam, diversifying their presence in various energy markets to meet their goal of a 1.5 GW renewable platform in Southeast Asia by 2028.
In parallel, Sembcorp Solar Vietnam Pte Ltd disclosed the acquisition of majority stakes in three subsidiaries of Gelex Group JSC, boosting their operational solar and wind power capacity by 196 MW. They are also set to acquire a 73% stake in a fourth subsidiary of GELEX.
Post these transactions, Sembcorp’s renewable energy capacity in Vietnam will reach 455 MW, contributing to their global capacity of 14.4 GW.
Other players like Great Master and AG&P are also making strategic investments in Vietnam, expanding their foothold in diverse sectors such as industrial park development and LNG terminals.
Noted legal expert Seck Yee Chung emphasized the ongoing interest of foreign investors in the Vietnamese M&A market, particularly from Singapore. Singapore stands out as a key investor in the Vietnamese market, actively engaging in various M&A activities.
Chung remains optimistic about Singaporean investors enhancing their investment strategies in Vietnam, which is seen as a promising emerging market in the Southeast Asian region.
Data from the Ministry of Planning and Investment shows that Singapore ranked third in terms of foreign investors in M&A activities in Vietnam in the first half of the year, highlighting the country’s significant investment presence in the Vietnamese market.
