SP Group partners with Hoa Sen Group for Vietnam’s first industrial cooling-as-a-service offering

SP Group (SP) recently announced a partnership with Hoa Sen Group, one of Southeast Asia’s leading steel manufacturers, to introduce Vietnam’s first Industrial Cooling-as-a-Service (CaaS) offering.

The collaboration involves installing the innovative CaaS alongside rooftop solar systems at Hoa Sen’s two largest steel sheet manufacturing facilities in Ho Chi Minh City's Phu My and Nghe An province.

This milestone signifies SP’s inaugural CaaS projects in Vietnam, further enhancing the group’s reputation for sustainable and clean energy infrastructure across the region.

Under this partnership, SP will deploy CaaS systems with a total capacity of up to 1,900 refrigeration tonnes (RT) to provide high-efficiency cooling for critical manufacturing environments, including electrical and variable speed drive rooms.

Simultaneously, rooftop solar photovoltaic (PV) systems with a combined capacity of 17.6 megawatt-peak (MWp) will be installed, generating over 21,000 MWh of clean energy annually.

The CaaS solutions are set to be fully operational by Q2/2026, while the commercial operations for the PV systems commenced in March (Phu My) and June (Nghe An) 2025.

Brandon Chia, managing director for Sustainable Energy Solutions (Southeast Asia), SP Group, said: “This marks SP’s first Cooling-as-a-Service deployment in Vietnam and a significant step in accelerating the adoption of sustainable cooling solutions for the industry."

"By offering integrated, innovative and cost-effective cooling and solar deployment models, we help customers like Hoa Sen decarbonise while maintaining operational performance. We look forward to scaling this model across Vietnam’s industrial sector,” he added.

This collaboration is projected to reduce cooling-related electricity consumption by over 30% annually. Furthermore, the solutions aim to prevent more than 14,000 tons of CO2 emissions each year – equivalent to removing 3,300 cars from the road or powering 3,900 Vietnamese households. Ultimately, over 214,000 tons of emissions are anticipated to be reduced over the project's lifecycle.

Cooling-as-a-Service (CaaS) is an innovative, scalable and cost-effective cooling solution from SP. It offers a zero-capex model in which SP designs, builds, owns, and operates high-efficiency cooling systems with full lifecycle maintenance for buildings.

This allows customers to pay only for cooling energy consumed and helps businesses avoid upfront infrastructure and equipment costs while benefiting from energy savings, operational reliability, and reduced emissions.

SP Group is a leading utilities provider in Asia Pacific, empowering the future of energy through low-carbon, smart solutions. It owns and operates electricity and gas transmission and distribution networks in Singapore and Australia.