GreenYellow Vietnam, a French renewable energy transition player specializing in energy management services, recently acquired, with a 70% majority stake, the Vietnamese subsidiary of QAIR - a fast growing French independent renewable energy producer refocusing on its European, Brazilian, and African geographies - as well as its solar farm in Binh Dinh of 49.5 MWp in operation. This acquisition follows its desire to expand its presence throughout Southeast Asia. GreenYellow thus becomes the operator of Binh Dinh solar park with a capacity of 49.5 MWp.

The acquisition of the Vietnamese subsidiary of Qair Group includes teams of highly qualified and competent professionals who have extensive experience in the field of solar energy and will strengthen our deliverability capabilities. Additionally, we will strengthen our expertise in managing large-scale projects and conducting internal due diligence.

Qair experts will also add new skills in:

• Areas of research for funding
• Management of the operation and maintenance of major solar energy projects.

This allows us to extend our fields of expertise, which is currently focused on private purchase contracts for solar energy (PPA).

"The solar farm acquired by GreenYellow confirms the desired strategy evolution to move towards large-scale projects in addition to our strong presence in the private sector of PPA C&I", declared Sébastien PRIOUX, CEO of GreenYellow Vietnam and Cambodia. “With this acquisition, we will be able to manage both private self-consumption and large-scale utility products, in particular within the framework of the direct power purchase agreement (dPPA) mechanism. This is the reason why we include these types of assets in our portfolio, so our clients will have a single point of contact in GreenYellow to develop, finance and operate large-scale solar projects for the DPPA."

Solar power has seen unprecedented development in Vietnam, with capacity growing from 105 MW in 2018 to over 16,500 MW by December 2020, making Vietnam the largest solar market in Southeast Asia. Therefore, GreenYellow is always on the lookout for new investments that help diversify its business model in this area.

GreenYellow expects the large-scale solar market to become difficult in the next five years due to the decrease in the proportion of new solar farms under the DPPA program in Vietnam. However, the company is still betting on the segment to capitalize on new market opportunities beyond 2030. Binh Dinh's latest solar farm acquisition demonstrates this vision.

Meanwhile, Vietnam has huge potential for solar photovoltaic (PV) in industrial and commercial sectors. An increasing number of factories have been set up in Vietnam with high demand for energy consumption. The country also has a huge potential for solar photovoltaic installations in commercial and industrial buildings under the self-consumption program. GreenYellow is stepping up its operations in this segment to strengthen its position as a key player in the private market for solar PPAs in Vietnam.

Commenting on the commitment to the Vietnamese market, Prioux said: “Since the beginning of our presence, we have maintained our development strategy in Vietnam. With a view to being a long-term investor in the country, we aim to build a solid base of renewable energy assets for the next 20 to 25 years. Our mission is to become a leading energy service provider for all potential BtoB customers. It should also be noted that Vietnam is a very promising market for GreenYellow, the trend and depth of the market is large enough for the company to play a major role in the long run. GreenYellow will continue its efforts to increase investment in Vietnam in the areas of private solar PPAs, solar farms and energy efficiency. “