TNB enters solar market in Vietnam, to buy stake in five solar farms

TNB Renewables, Malaysia plans to acquire a 39 percent stake in five Vietnamese solar power projects from Singapore’s Sunseap Group.

The farms have a total capacity of 21.6 MW and were built in December 2020 in southern Vietnam. After selling 39 percent to TNB Renewables, likely this month, Sunseap will own a 51 percent stake in them. Sunseap Group owns projects in Singapore, Australia, Vietnam, China, Taiwan, and Cambodia. In 2019, it completed the $150-million solar farm, the solar power plant CMX Renewable Energy Vietnam, one of the country’s largest in central Ninh Thuan Province. TNB has projects in the UK, Kuwait, Turkey, Saudi Arabia, Pakistan, India, and Indonesia, and expects to have 8.3 GW of renewable energy by 2025.

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