SK ecoplant and Nami Solar launch joint venture to invest in Vietnam’s distributed solar energy

(Ho Chi Minh City, Monday, 24th Jan 2022) SK Group has further expanded its investment in Vietnam through a new partnership between its green investment arm, SK ecoplant, and Nami Solar, an affiliate of Nami Energy.

The two partners entered into a joint development agreement in December 2021, forming a collaborative venture producing 250 MWp of rooftop solar installations, with a total investment of around US$ 200 million over the next few years. The partnership will serve as a platform to further support SK ecoplant’s aspirations of becoming a major global investor in renewable energy. The joint venture will help Nami Solar move one major step closer to its vision of becoming a leading distributed solar company in Vietnam.

Both the Vietnamese and Korean governments have placed climate change action plans and green recovery and growth high on their respective agendas. In October 2021, South Korea announced a commitment to slashing its emissions to 40% of their 2018 level by 2030. Vietnam has reiterated its commitment to reach Net Zero by 2050. In July 2021, SK Group revealed its Net Zero Roadmap, aiming to reduce its carbon emissions by 50% within a decade, thereafter, achieving Net Zero by 2050, making it the first Korean corporation to outline such substantial reduction targets and implementation plans.

Mr Chey Tae-won, Chairman of SK Group affirmed its investment in Vietnam’s renewable energy sector as the conglomerate's mid-term priority when he met with Mr Vuong Dinh Hue, Chairman of the National Assembly of Vietnam in Seoul in December 2021. SK Group has already made strategic investments totaling almost US$ 2 billion in VinGroup and Masan Group, two leading Vietnamese corporations

Mr Casey Jung, Vice President and Head of Renewable Energy at SK ecoplant said: “Inspired by Vietnam's strong climate action commitments, we are excited to announce our partnership with a reputable Vietnam company, Nami Solar, to create and leverage our mutual synergy towards supporting Vietnam in its quest to achieve its carbon emission targets and energy transition.”

Mr Luu Hoang Ha, Chairman of Nami Energy said: “We look forward to collaborating with SK ecoplant, creating a vibrant and powerful synergy from this joint venture of two strong partners, one with its significant financial and technical attributes, and the other with its solid local platform, industry insight, and experienced management team. We are excited to play our part in building a low-carbon future for Vietnam. The distributed solar energy solutions offered by our joint venture are efficient measures for local businesses, many of them Korean investors, helping them meet their green energy demand as well as making savings on their electricity bills.”

About SK Group and SK ecoplant:

SK Group operates more than 120 businesses across the energy, life sciences, advanced materials, mobility, and semiconductor industries.

SK ecoplant is one of the top-tier Korean investors working on energy development business across the globe since its foundation in 1977. Serving as the backbone of SK Group’s eco-friendly solutions, SK ecoplant has devoted its best endeavour to its renewable energy business in Vietnam and recently expanded its capability into utility range RTS (rooftop solar) market through leveraging cooperation with eligible partners.

About Nami Energy and Nami Solar:

Nami Solar is a subsidiary of Nami Energy, founded in 2019 to help support Vietnam’s energy transition. The company is managed by a team of experienced investors and professionals in the energy sector, many of whom have been deeply engaged with the development of both policy and the market within the Vietnam renewable energy and rooftop solar sector since its beginnings.

The company advocates green and sustainable growth by providing well-designed rooftop solar solutions delivering both social and commercial benefits for its partners. Nami Solar has partnered with major local corporates such as the Sonadezi Corporation, Viet Thang Corporation and several Korean companies, investing in rooftop solar projects and providing clean energy for their manufacturing and business activities.