Singapore's TotalEnergies ENEOS purchases Vietnam solar firm’s rooftop system 

Singapore-headquartered TotalEnergies ENEOS has signed a share purchase agreement (SPA) to acquire a 3.4 MWp rooftop solar power system portfolio from Vietnam's Sao Mai Solar Company, the former announced on Monday.

The system is installed on the roof of the Asia Fish Oil (AFO) and International Development and Investment JSC factories in the Vam Cong Industrial Cluster, Mekong Delta province of Dong Thap. It currently generates 4.4 GWh of renewable energy each year, reducing more than 3,500 tons of CO2 emissions annually, equivalent to planting over 52,500 trees.

The two sides also signed a memorandum of understanding (MoU) to further develop renewables together, starting with the development of an additional rooftop solar system for Sao Mai Group, the parent firm of Sao Mai Solar.

Sao Mai Solar has so far installed 600,000 photovoltaic panels with an annual output of 438,000 MWh, which can help reduce carbon emissions by 360,000 tons, equivalent to planting 1.22 million trees.

Sao Mai Group said it is striving to raise its revenue from solar to VND1 trillion ($42.55 million) a year, contributing to total revenue of VND15-17 trillion ($638.3-723.4 million) yearly.

TotalEnergies ENEOS is a joint venture between TotalEnergies and ENEOS to develop onsite business-to-business solar distributed generation across Asia. It plans to develop 2 GW of decentralized solar capacity over the next five years.