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GreenYellow Vietnam, a renewable energy company from France that provides comprehensive services for solar projects and energy efficiency projects, recently acquired a 70% stake. A subsidiary of Qair – a fast-growing independent French renewable energy producer in Europe, Brazil, and Africa – and a 49.5 MWp solar farm operating in Pacify. This acquisition is based on the company’s desire to expand its operations in Southeast Asia and GreenYellow officially became the operator of the Binh Dinh solar power project with a capacity of 49.5 MWp.
The acquisition of a subsidiary of Qair Group in Vietnam also includes the acquisition of an entire team of highly qualified and capable professionals with extensive experience in the solar energy sector, contributing to the increase of solar energy. supply force for GreenYellow. In addition, the company will strengthen its expertise in managing large-scale projects and performing due diligence.
Qair experts will add new skills:
- Financing research field
- Operation and maintenance management of solar projects
This will allow GreenYellow to expand its area of expertise as the company is primarily focused on private solar power purchase agreements (PPAs).
“The solar farm project acquired by GreenYellow confirms our strategic growth, and ambition towards large-scale energy projects and strengthens our presence in the PPA market. Private C&I,” announced Mr. Sébastien Prioux, CEO of GreenYellow Vietnam and Cambodia. “With this M&A deal, we can manage self-consumption contracts as well as large-scale energy projects, especially with the direct electricity purchase and sale (DPPA) mechanism.”
Solar energy witnessed unprecedented growth in Vietnam, with installed capacity increasing from 105MW in 2018 to 16,500MW in December 2020, making Vietnam the largest solar market. Southeast Asia region. Therefore, GreenYellow is always looking for new investments to diversify the company’s business model in this field.
GreenYellow predicts that the large-scale solar market will be more difficult in the next 5 years when the number of new solar farm projects with DPPA mechanism will gradually decrease in Vietnam. However, the company still bets on this segment to capture new growth opportunities in the market after 2030. The acquisition of the solar farm in Binh Dinh is testament to this vision.
Meanwhile, Vietnam also has a lot of potential for solar photovoltaic (PV) in the industrial and commercial sectors. More and more factories are built in Vietnam with high energy consumption demand. Vietnam possesses abundant potential for solar photovoltaic installation in commercial and industrial buildings under self-consumption contracts. GreenYellow is expanding its operations in this area to strengthen its position as a key player in the private solar power market in Vietnam.
Commenting on its commitment to the Vietnamese market, Prioux said, “Since being present in the market, we have remained consistent with our investment strategy in Vietnam. With the vision of becoming a long-term investor in Vietnam, we aim to build a solid foundation for renewable energy projects in the next 20-25 years. Our mission is to be the premier energy service provider for all potential B2B customers. Vietnam is clearly a promising market for GreenYellow, with the market’s trends and potential large enough for the company to play a leading role in the long term. GreenYellow will continue to make efforts to increase investment in Vietnam in the fields of private solar power trading, solar farms, and energy efficiency.”