Vietnam conglomerate Hoa Phat partners with India’s Horus Power to roll out industrial park rooftop solar

Hoa Phat Group (HoSE: HPG) has signed a three-party MoU with Hero Future Energies Vietnam (HFE) and India’s Horus Power to develop rooftop solar power systems across its industrial parks, as the Vietnamese conglomerate responds to rising demand for clean energy from tenants.

Under the agreement signed on Thursday, HFE and Horus Power will invest in, install, and operate rooftop solar systems at factories within Hoa Phat-developed industrial parks under an independent power producer (IPP) model.

The projects will be implemented in compliance with prevailing technical, safety, and regulatory standards, the Vietnamese firm said. Hoa Phat is also a leading steelmaker in Vietnam.

Tran Kien Cuong, director of Hoa Phat's construction and urban development division, said sustainability requirements from foreign-invested manufacturers are becoming increasingly stringent. Rooftop solar systems would help optimize factory roof space while providing tenants with access to green energy, enhancing the competitiveness of Hoa Phat’s industrial parks.

Hoa Phat currently operates the Hoa Mac Industrial Park, which is fully leased, in the northern province of Ninh Binh and the Pho Noi A and Yen My II industrial parks in the neighboring province of Hung Yen, with an average occupancy rate of about 95%.

The group is also developing several new projects, including industrial parks No. 6 and Ly Thuong Kiet in Hung Yen, Hoang Dieu in Hai Phong city, and Dong Phuc in Bac Ninh. As of October 2025, Hoa Phat had accumulated more than 2,435 hectares of industrial land.

HFE, part of India-based Hero Group, is a major renewable energy developer with a global portfolio of around 7.5 gigawatts and is backed by strategic investors including the International Finance Corporation (IFC) and KKR.

Beyond rooftop solar, Hoa Phat and HFE said they would explore cooperation in battery energy storage systems and large-scale renewable energy projects.

Hoa Phat has previously deployed rooftop solar systems at several facilities, including Hoa Phat Dung Quat Steel, Hoa Phat Steel Pipe Long An, and Hoa Phat Galvanized Steel, as part of efforts to improve energy self-sufficiency and accelerate renewable energy adoption across the group.

Real estate is one of Hoa Phat’s three core business pillars. By the end of September 2025, the segment posted net revenue of VND475 billion ($18.31 million) and net profit of VND393 billion ($15.15 million).

Total assets of the group’s real estate arm exceeded VND14.7 trillion ($566.69 million), up 48% from a year earlier, while liabilities stood at nearly VND1.6 trillion ($61.68 million).