In a significant stride towards the clean energy transition in Vietnam, GreenYellow and the Asian Development Bank (ADB) have joined forces to accelerate the implementation of rooftop solar systems. By generating clean and sustainable energy in the Commercial and Industrial sectors, this collaboration holds the promise of bringing about economic and environmental effectiveness.

ADB, GreenYellow Sign Deal for Commercial and Industrial Rooftop Solar in Viet Nam

The Asian Development Bank (ADB) and GreenYellow Smart Solutions Vietnam Co., Ltd. (GreenYellow), have signed a loan agreement of up to $13.8 million for rooftop photovoltaic (PV) solar systems to help increase the supply of clean and affordable energy for commercial and industrial consumers in Viet Nam.

The loan will support the development and operation of solar PV systems located on the rooftops of commercial and industrial businesses across the country. The financing package comprises a $3 million A loan from ADB’s ordinary capital resources and $10.8 million parallel loans from FMO, a climate fund managed by responsAbility Investments AG, and Societe Generale, with ADB as mandated lead arranger.

“As Asia and the Pacific’s climate bank, ADB is increasingly focused on mobilizing private capital to finance renewable energy projects that the region urgently needs,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “Solar PV rooftop offers an efficient way for Viet Nam to deploy substantial amounts of additional renewable energy capacity while providing reliable, low-cost energy to consumers, which helps to attract and retain business and enhance Viet Nam’s global competitiveness.”

This is ADB’s first financing of a solar PV rooftop portfolio for the commercial and industrial segment in Viet Nam.

GreenYellow promotes green energy development

Established in 2007 and having stepped in Vietnam in 2019, GreenYellow is a French energy transition partner, specialized in decentralized solar photovoltaic production, and energy efficiency, storage and monitoring services. It currently operates in 16 countries across Asia, Africa, Europe and South America. GreenYellow is responsible for the development, funding and operation of infrastructure projects, enabling its clients to produce local and competitive green power, reduce their energy consumption and achieve corporate net zero targets.

This C&I PV rooftop portfolio was historically the first one developed in Vietnam and fully financed with Greenyellow full equity, as well as all our current developments with more than 180MWp of solar projects, energy efficiency and battery energy service programs under deployment.

“Embedded within our core business is a profound commitment to development impact, and our collaboration with ADB uniquely aligns with our corporate mission toward innovative power distribution and driving energy transition," said Sebastien Prioux, CEO GreenYellow Vietnam representative. "ADB's instrumental role in fostering connections among like-minded partners is integral to our collective journey in actively advancing sustainable development”

This agreement enriches GreenYellow's project portfolio in Vietnam, showcasing the company's commitment to expanding clean energy production capacity and constitutes a pivotal step in supporting businesses' transition to clean energy usage, rapidly achieving net zero emission.