Dutch entrepreneurial development bank FMO has invested $4.49 million in Ho Chi Minh City-based rooftop solar power developer GreenYellow Smart Solutions Vietnam.
The new funding will be used for rooftop solar projects with an aggregated power capacity of 32.4 megawatts-peak (MWp) in Vietnam, the Hague-headquartered bank said in a disclosure.
“The distributed generation nature of rooftop solar will improve the reliability of power supply and reduce Vietnam’s reliance on its fossil-fuel based generation capacity,” the release said.
GreenYellow Smart Solutions is a special-purpose vehicle (SPV) under GreenYellow Group, a global developer of rooftop solar power. GreenYellow Smart Solutions Vietnam has installed rooftop systems for large commercial and industrial consumers nationwide, with the electricity generated supplied to offtakers.
GreenYellow Vietnam's rooftop installations have so far totaled 150 MWp, with 88 rooftop solar systems operating, according to its website.