Singapore firm raises $8.6 mln in bonds to finance rooftop solar projects in Vietnam

Singapore-invested Verdant Vietnam Crystal has successfully raised VND224.6 billion ($8.55 million) through a 15-year private placement bond issuance, aiming to invest in a portfolio of rooftop solar power projects in Vietnam, the Hanoi Stock Exchange (HNX) reported.

The company issued 2,246 bonds coded VEV12601 on June 23, with a face value of VND100 million ($3,800) each, raising the full amount. The issuance was completed on June 30.

The bonds have a 15-year maturity and are scheduled to mature on June 23, 2041. They carry a fixed annual interest rate of 6.95% and include an early redemption clause.

Under the issuance terms, Verdant Vietnam Crystal will partially redeem the bonds one year after the issuance date, with subsequent buybacks to be conducted every six months.

According to a credit rating report by FiinRatings, GuarantCo acted as the guarantor for the bond issuance. All proceeds will be used to invest in a portfolio of rooftop solar power projects in Vietnam in 2026.

Bonds will be issued in two tranches. The first tranche, valued at VND224.6 billion ($8.55 million), was completed in the second quarter of 2026, while the remaining VND195 billion ($7.43 million) tranche is expected to be launched over the following six months.

Established in October 2024, Verdant Vietnam Crystal operates in specialized construction and is headquartered in Ho Chi Minh City. At the time of establishment, the company had charter capital of VND24.67 billion ($939,600) and was wholly owned by Singapore-based Verdant Vietnam Crystal Pte. Ltd.

Singapore national Yau Wai Hoo serves as the legal representative of the owner’s capital contribution and is also the company’s general director.

By August 2025, Verdant Vietnam Crystal increased its charter capital to VND33.38 billion ($1.27 million) before raising it further to VND193.2 billion ($7.36 million) in December of the same year.

In 2025, the company reported revenue of VND14.5 billion ($552,270) and after-tax profit of VND2.9 billion ($110,450).

According to FiinRatings, Verdant Vietnam Crystal aims to increase the total capacity of its rooftop solar projects to 47 MWp during 2026-2027. The company currently operates three systems with combined capacity of 15.8 MWp at industrial parks in Dong Nai city and Nam Dinh and Thanh Hoa provinces.

As of the end of 2025, the company’s total assets stood at VND218.8 billion ($8.33 million), including VND54.9 billion in short-term assets. Total liabilities were VND22.8 billion ($868,000), and the company had not incurred any financial borrowings.

Besides Verdant Vietnam Crystal, Yau Wai Hoo is also the legal representative of Verdant Vietnam Services Co., Ltd., Verdant Vietnam Bravo Co., Ltd. and Verdant Vietnam Alpha Co., Ltd.

At the same time, Verdant Vietnam Bravo successfully issued VND165.4 billion ($6.3 million) worth of bonds coded VEB12601, comprising 1,654 bonds with a face value of VND100 million ($3,800) each.

The bonds were issued on June 23 and the issuance completed on June 30, with a 15-year maturity and a scheduled maturity date of June 23, 2041. The bonds carry a fixed annual interest rate of 6.96%. GuarantCo also acted as guarantor for the issuance, with all proceeds earmarked for rooftop solar projects in 2026.

By the end of 2025, Verdant Vietnam Bravo operated eight rooftop solar systems with a combined capacity of 12.1 MWp in Binh Duong province and Dong Nai city. The company aims to expand total capacity to 38.5 MWp across 15 locations during 2026-2027.

Verdant Vietnam Bravo’s business model is based on long-term power purchase agreements with industrial customers. In 2025, the company recorded revenue of VND14.7 billion ($559,640) and after-tax profit of VND3.3 billion($125,630).

In a statement issued after the completion of the first bond issuance, Verdant Energy said Verdant Vietnam Crystal’s offering was part of a green bond program worth around VND792 billion ($30.16 million) in Vietnam.

The company said that in the initial phase, two entities - Verdant Vietnam Crystal and Verdant Vietnam Bravo - had raised a combined VND390 billion ($14.85 million), including VND224.6 billion from Verdant Vietnam Crystal and VND165.4 billion from Verdant Vietnam Bravo. The remaining funds are expected to be raised through subsequent issuances to complete the green bond program.