Ho Chi Minh / Zurich - A responsAbility climate fund, as part of a syndicate led by Asian Development Bank (ADB), and GreenYellow Smart Solutions Vietnam Co., Ltd. have signed a loan agreement to support rooftop solar photovoltaic (PV) installations in Vietnam. This investment aims to expand clean and affordable energy to the country's commercial, and industrial sectors, aligning with Vietnam’s broader energy strategy.
Established in Vietnam, GreenYellow Smart Solutions Vietnam Co., Ltd. specializes in developing and operating rooftop solar PV systems for commercial and industrial enterprises. With this secured loan, the company aims to respond to the growing energy demand in the country. The financing package of USD 13.8 million includes contributions from responsAbility climate fund, ADB, FMO, and Societe Generale, with ADB acting as the mandated lead arranger.
Vietnam's solar energy outlook
Vietnam's energy strategy has increasingly emphasized solar energy to meet the growing energy consumption which is linked to economic growth. To reduce its fossil fuel dependency, Vietnam is moving toward a more diversified energy mix, with an emphasis on renewable energy sources.
Given the country’s geographic advantages for sunlight exposure, solar energy is gaining prominence. The Vietnamese government policies support both large-scale and rooftop solar projects, aiming to generate a significant percentage of its energy needs from solar sources by 2030.
Collaboration in line with national goals
This latest collaboration between GreenYellow Smart Solutions Vietnam and the responsAbility climate fund aligns with Vietnam's broader energy goals. The common goal is clear: to make progress in the renewable energy sector and ensure long-term sustainability and economic stability for Vietnam.
About GreenYellow Established in 2007, GreenYellow is a French energy company, specializing in decentralized solar photovoltaic production, and energy efficiency, storage and energy services. It currently operates in 16 countries across Asia, Africa, Europe, and South America, and entered Vietnam in 2019. GreenYellow is responsible for the development, funding and operation of infrastructure projects, enabling its clients to produce local and competitive green power, reduce their energy consumption and fast-track their decarbonization.
About responsAbility Investments AG responsAbility Investments AG is a leading impact asset manager specializing in private market investments across three investment themes to directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns. Since its inception in 2003, responsAbility has deployed over USD 13 billion in impact investments. With over 200 employees collaborating across seven offices, as of 1 March 2023 the company manages USD 4.8 billion in assets across approximately 280 portfolio companies in 74 countries. Since 2022 responsAbility is part of M&G plc, the international savings, and investments business, and contributes to enhancing M&G’s capabilities in impact investing.
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