Two Singaporean businesses – Frasers Property Vietnam and the SP Group – will jointly develop integrated smart, clean energy solutions for the Binh Duong Industrial Park in southern Vietnam.
In a Thursday announcement, Fraser Property said the memorandum of understanding (MoU) between SP Group, a leading energy utilities and sustainable energy solution provider, and Frasers Property Vietnam, a leading diversified property developer, will help the industrial park accelerate adoption of green energy solutions, thereby effecting energy savings and reducing carbon emissions for all tenants.
The SP Group said the partnership was part of its commitment to help Vietnam’s process of decarbonization and progress towards achieving the country’s sustainability targets.
Initially, the SP Group will design, invest, install, operate and maintain integrated smart energy solutions for Binh Duong Industrial Park’s industrial service center. Major activities will include installation of solar photovoltaics for renewable energy, digital building solutions, electric vehicle charging, and smart energy optimization and management systems.
The solutions are expected to save up to 30% of cooling energy and reduce carbon emissions by about 18%.
Next, SP Group and Frasers Property Vietnam will cooperate in a feasibility study to implement the IP’s clean energy transition.
The 106-hectare Binh Duong Industrial Park, also Frasers Property Vietnam’s first project in the country, is among a few facilities in Vietnam that meets the LEED (Leadership in Energy and Environmental Design) standard.
In 2022, Frasers Property Vietnam became the first real estate company in Vietnam to be endorsed by the Science Based Targets initiative (SBTi). As part of its SBTi plans, the company intends to progressively install rooftop solar panels, allocate renewable energy for street lighting, and introduce energy- and water-efficient building equipment across its developments.
This March, SP Group acquired solar power farm assets of 100 MWp in central Vietnam’s Phu Yen province. assets of 100 MWp in central Vietnam’s Phu Yen province. This move demonstrated its long-term commitment to become a provider of sustainable energy services in line with its net-zero goal, SP said.