Levanta Renewables (“Levanta”), a leading Southeast Asia-focused renewable energy platform backed by Actis, a leading global investor in sustainable infrastructure, is acquiring a 28.7 MWp rooftop solar system from related companies of Tien Nga Joint-Stock Company (“Tien Nga”), a major logistics provider in Vietnam. Located in Dong Nai Province in South Vietnam, the system is one of the largest single-site rooftop solar installations in the country, spanning close to 200,000 sqm of rooftop surface.
This project aligns with Vietnam’s commitment to diversify its energy generation by 2030 and achieve carbon neutrality by 2050. Dong Nai province is identified as a prime location for renewable energy deployment, including solar, wind, and waste-to-energy projects.
The project is expected to generate over 34 GWh per year, supplying green energy to Vietnam Electricity (“EVN”) under long-term Power Purchase Agreements (PPAs). This significant green energy contribution underscores Levanta’s dedication to supporting Vietnam’s renewable energy goals and reducing carbon emissions.
This acquisition is an important milestone in the growth of Levanta Renewables in Vietnam and a demonstration of our diversification across utility scale and commercial & industrial markets. It adds to our Vietnam portfolio of solar and wind assets and helps to achieve our goal of owning and operating a 1.5 GW renewable platform across Southeast Asia by 2028.
Sudhir Nunes Chief Executive Officer, Levanta Renewables
Acquiring this project is a strategic milestone for our Commercial and Industrial Business and will act as an anchor installation for the Vietnam market. We are looking forward to continuing to work with Tien Nga Joint Stock Company in operating this project on top of the logistics warehousing complex.
Raghav Malhotra Co-Head, Commercial & Industrial Business, Levanta Renewables
We are delighted to work with Levanta Renewables in this transaction. With Levanta's significant expertise in renewable energy, we are confident that Levanta will ensure the project continues operating at the highest performance level and contributes to Vietnam's renewable energy transition. At the same time, this allows Tien Nga to focus our resources on better serving our clients in our core business.
Hoang Thanh Tan Chairman and Director, Tien Nga Joint Stock Company
The acquisition of this rooftop solar portfolio marks another step forward for Levanta Renewables in its ambition to build-out 1.5 GW of renewables. Not only is Levanta accelerating the energy transition in Vietnam, but it is doing so by supplying clean, reliable and cost-competitive energy to commercial and industrial customers powering the country's economic growth.
Rahul Agrawal Head of Energy for Southeast Asia at Actis
The completion of the transaction is subject to and conditional upon certain customary conditions, including regulatory and other approvals. The transaction is expected to close in the first quarter of 2025.
This transaction follows the recent announcement of the acquisition of a 139 MWp solar PV operating portfolio in Thailand.
