Vietnam's VinaCapital explores sale of renewable energy firm SkyX Solar - sources

VinaCapital Vietnam Opportunity Fund

14/12/2023 09:30

By Yantoultra Ngui and Phuong Nguyen
       SINGAPORE/HANOI, Dec 14 (Reuters) - Vietnamese
investment management firm VinaCapital is considering the sale
of SkyX Solar in a deal that could value the Ho Chi Minh
City-headquartered solar rooftop power developer at over $100
million, three sources with knowledge of the matter said.
    The potential sale comes at a time when renewable companies
and assets have become increasingly attractive as investors look
to tap growth in the sector driven by global drive to transition
to zero-emission economies. 
    VinaCapital is in talks with a financial advisor to explore
the sale of the renewable company it started in 2018, said the 
sources, who declined to be named as the discussions were
private.
    It was not immediately clear how much VinaCapital is looking
to sell in SkyX as the sources said discussions were under way. 
    Paris-headquartered renewable energy company EDF Renewables
invested in SkyX in 2021, according to a statement at that time
which didn't disclose financial details of the deal.
    "As the leading investment manager in Vietnam, VinaCapital
is routinely approached by third parties who would like to
participate in our investments, including in SkyX, which has
become a leading C&I (commercial and industrial) rooftop solar
power developer in Vietnam," VinCapital said in an email to
Reuters.
    "We review and evaluate any such proposals, and make
announcements as appropriate," it added.
    SkyX did not immediately respond to request seeking comment
on Thursday.
    SkyX is on track to grow over 100 megawatt-peak of operating
projects by the end of 2023, according to a report by
VinaCapital. 
    Founded in 2003, VinaCapital currently has $4 billion of
assets under management, according to its website, including a
closed-end fund listed on the London Stock Exchange.
    Last month, its technology investment arm VinaCapital
Ventures invested in Singapore-based cyber insurtech company
Protos Labs.
    

 (Reporting by Yantoultra Ngui in Singapore and Phuong Nguyen in
Hanoi
Editing by Shri Navaratnam)
 ((Yantoultra.Ngui@thomsonreuters.com;))