SUSI Partners invests in experienced C&I solar developer in Vietnam

  • SUSI Partners’ Asia Energy Transition Fund (SAETF) has signed an agreement with seasoned developer Asia Clean Capital Vietnam (ACCV) to support the deployment of on-site solar photovoltaic (PV) projects for commercial and industrial end customers
  • The transaction allows SAETF to leverage on the experience and network of a regionally leading developer to gain exposure to the booming Vietnamese market for C&I solar

Singapore, 6 April 2023 – SUSI Partners, through SAETF, has agreed to invest in ACCV, a fast-growing developer and operator of rooftop and ground-mounted solar PV projects for commercial and industrial end clients in Vietnam. The investment is structured as a convertible loan, which features a sustainability-linked mechanism tying the interest rate to progress made in relation to transparency and traceability improvements to ACCV’s solar PV procurement process.

As an independent platform launched by the founders of Asia Clean Capital, a leader in the development of clean energy solutions in Asia, ACCV benefits from longstanding experience in the sector and strong origination networks in the region. Accordingly, ACCV has built a strong near-term project pipeline offering long-term offtake contracts to high-quality commercial and industrial clients in a fast-growing Vietnamese market.

As a global manufacturing centre with a significant presence of multinational corporations, Vietnam is proof of how decarbonisation targets set by companies and institutional investors around the world create concrete action for an accelerated transition to clean energy. With a broad array of stakeholders encouraging corporations to decarbonise their operations across the supply chain, the demand for on-site solar PV solutions in Vietnam is rapidly increasing, as local suppliers take action in tandem with their global clients.

The investment in ACCV further complements SAETF’s portfolio which is already well-diversified across utility-scale renewables, energy efficiency and customer-centred clean energy solutions. SAETF, which targets energy transition infrastructure investments across Southeast Asia, has received capital commitments from development banks, DFIs, and private investors.