TNB Renewables to buy 38% stake in Sunseap's solar projects in Vietnam

The five solar rooftop projects have a total capacity of 21.6 MWp.

Singapore-based Sunseap announced that TNB Renewables, owned by Malaysian electricity company Tenaga Nasional Berhad, will purchase a 38% stake in the solar energy provider’s five solar rooftop projects in Vietnam.

Completed in December 2020 under state-owned Vietnam Electricity’s (EVN) Feed-In-Tariff 2 programme, the solar projects have a total capacity of 21.6 MWp and have a 20-year power purchase agreement with EVN to provide the country’s national grid with clean energy at a feed-in-tariff of $0.0838/kWh.

Currently, Sunseap holds 90% in the five projects. Once the acquisition is completed by Q1 2021, the company’s shareholding will drop to 51%, whilst existing shareholder Sun
Times Energy Joint Stock Company will still own 10% of the equity interest.

TNB’s president and CEO Datuk Ir. Baharin bin Din said: “This acquisition will serve as a beachhead for TNB to establish a local presence in Vietnam and expand into the rapidly growing renewable energy and utility market in Vietnam. This acquisition builds on our earlier Malaysia-Singapore cross border collaboration with Sunseap and demonstrates our commitment in transforming TNB into a regional RE and utility player.”