TNB Renewables, Malaysia to buy 38 per cent stake in solar projects in Vietnam by Sunseap

Sunseap, Singapore has announced that TNB Renewables, owned by Malaysian electricity company Tenaga Nasional Berhad, would buy 38 per cent stake in five solar rooftop projects of Sunseap in Vietnam.

The total capacity of the five projects is 21.6 MWp. These projects were completed in December 2020 under Vietnam Electricity’s (EVN) Feed-In-Tariff 2 programme and have a 20-year power purchase agreement with EVN to provide the national grid with energy at a feed-in-tariff of $ 0.0838 per kWh. As of now, Sunseap holds 90 per cent in the five projects. After the acquisition, the company’s shareholding will fall to 51 per cent and existing shareholder Sun Times Energy Joint Stock Company will continue owning 10 per cent of the equity interest, by the first quarter of 2021.

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