Singapore’s Levanta Renewables to acquire 28.7 MWp rooftop solar project in Vietnam

Singapore-headquartered Levanta Renewables, backed by London-based sustainable infrastructure investor Actis, is processing to acquire a 28.7 MWp rooftop solar system in Vietnam’s southern province of Dong Nai.

In a Tuesday statement, Levanta Renewables said the system is one of the largest single-site rooftop solar installations in Vietnam, spanning close to 200,000 square meters. The facility is related to Tien Nga JSC, a local logistics business.

This project aligns with Vietnam’s commitment to diversify its energy generation by 2030 and achieve carbon neutrality by 2050. Dong Nai province is a prime location for renewable energy deployment, including solar, wind, and waste-to-energy projects, Levanta Renewables added.

The project can generate over 34 GWh of electricity per year, supplying green energy to state utility Vietnam Electricity (EVN) under long-term Power Purchase Agreements (PPAs). This move underscores Levanta’s dedication to supporting Vietnam’s renewable energy goals and reducing carbon emissions.

The transaction is subject to and conditional upon certain customary conditions, including regulatory and other approvals, towards completion in the first quarter of 2025, the Singaporean firm noted.

The Ministry of Industry and Trade (MoIT), at the request of Deputy Prime Minister Tran Hong Ha, is drafting a proposal that EVN, the nation’s sole power distributor, may purchase excess rooftop solar power from homes and offices at VND671 (2.6 U.S. cents) per kWh.

The proposed price is 58-63% lower than what EVN currently pays to commercial solar power farms. This rate will be adjusted annually to align with the development stages of the electricity system, the ministry said.