Solar power shines bright as BCG Energy sees revenues rise
BCG Energy, under private Vietnamese conglomerate Bamboo Capital Group, saw 2023 net revenues rise 5.8% year-on-year to VND1,125.6 billion ($45.5 million) on outstanding performances by its solar power plants.
The company said its solar power plants exceeded expectations and that its rooftop solar portfolio also recorded a robust performance.

An illustration of BCG Energy's upcoming waste-to-power plant. Photo courtesy of BCG Energy.
BCG Energy’s consolidated post-tax loss reached VND152.7 billion ($6.2 million) in 2023, versus a consolidated post-tax profit of VND295.5 billion in 2022, due to unfavorable exchange rate impacts on its USD-denominated loans of $140 million.
Another factor was financial costs related to international financial packages, such as loan arrangements and appraisals.
But its retained post-tax profit accumulated to VND186.6 billion ($7.6 million) as of end-2023.
The firm’s total assets went down 8.7% year-on-year to VND19,036.6 billion ($770.1 million) as of end 2023. Its liabilities dropped 31.97% to VND9,300.5 billion as it had already bought back two bond packages before maturity for VND2,500 billion ($101.1 million).
BCG Energy’s debt-to-equity ratio improved significantly over the year, going down from 2.77 by end-2021 to 1.9 by end-2022 and 0.96 by end-2023. Its loan-to-equity ratio inched down to 0.66.
The company also recorded positive developments related to its cash flow. Net cash flow from business activities changed from negative VND130.9 billion ($5.3 million) in 2022 to negative VND33.6 billion in 2023.
Amid challenges in 2023 and difficulties in implementation of the country’s national power development plan VIII (PDP VIII), the company proactively reduced new investments, focused on restructuring, and prepared for new business opportunities.
Accordingly, it turned its focus on renewable energy. In February, BCG Energy announced it would enter the waste-to-power sector with the acquisition of Ho Chi Minh City-based waste treatment firm Tam Sinh Nghia Investment Development JSC.
In 2024-2025, it will build its first waste-to-power plant in HCMC, within the Tay Bac solid waste treatment complex in Cu Chi district. The 20-hectare factory, with an investment of VND5,000 billion ($205.4 million), will be able to burn 2,000 tons of waste daily to generate 40 MW. In subsequent phases, the factory can expand its daily capacity to 5,200 tons for generating 130 MW.
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