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SP Group (SP), a leading utilities group and sustainable energy solutions provider in Singapore and the Asia Pacific, and South Korean smart grid developer and system integrator NuriFlex have signed power purchasing agreements (PPAs) with TKG Taekwang Vina, a manufacturing leader in Vietnam, to develop and install up to 20 Megawatt-peak (MWp) of rooftop solar power at three mega factories for TKG Taekwang Vina. Representatives from the Korean Chamber of Commerce and Industry were present at the signing ceremony.
The total deployment of 20MWp of rooftop solar solutions for TKG Taekwang Vina’s manufacturing plants marks the company’s first large-scale injection of solar power into its energy mix. The 20MWp rooftop solar power, which is set to be operational by October 2022, is expected to deliver up to 28,000 Megawatt-hour (MWh) of electricity annually, providing more than 10 per cent of the electricity for the three factories and offsetting more than 22,000 tons of carbon emission annually. In addition, TKG Taekwang Vina will receive all the Renewable Energy Credits such as GHG emission credits generated by the 20MWp rooftop solar system.
Mr Brandon Chia, Managing Director, Sustainable Energy Solutions (Southeast Asia & Australia), SP Group, said, “The partnership with NuriFlex and TKG Taekwang Vina marks another milestone of SP Group in our commitment to empower the future of energy in Vietnam. We are honoured by the trust and support by TKG Taekwang Vina, NuriFlex and the Korean Chamber of Commerce and Industry and look forward to further collaborations to accelerate the adoption of digital and sustainable energy solutions within the manufacturing community to jointly push for a greener supply chain for global products manufactured in Vietnam.”
The partnership is aligned with SP’s ambitions to leverage its capabilities in sustainable energy and digital solutions to create value-added solutions for its customers in Vietnam and solidify its position as the leading sustainable energy solutions player in the Asia Pacific. It also supports Vietnam’s green ambitions, which include doubling the country’s existing wind and solar power generation capacity by 2030 and achieving carbon neutrality by 2050. In a recent visit to Vietnam, Group CEO of SP Group, Mr Stanley Huang reinforced SP’s commitment to Vietnam by committing to invest SGD$750 million (approximately USD540$ million) towards sustainable energy projects in Vietnam by 2025.