NAMI Solar, a subsidiary of Vietnam’s Nami Energy company, and SK Ecoplant, a member of South Korean conglomerate SK Group, sealed a joint venture deal this week to pump $200 million into solar energy development in Vietnam.

The money is earmarked for building a 250 megawatt-peak (MWp) rooftop solar power project in Vietnam.

According to a representative from Nami Energy, both the Vietnamese and South Korean governments highly value programmes in response to climate change, recovery, and green growth.

Vietnam has pledged to be carbon neutral by 2050, while South Korea has vowed to cut carbon emissions by 40 per cent by 2030.

The joint venture expected that solar power development will help concretise high-level commitments of the two governments. At the same time, it will assist SK Ecoplant in realising its goal of becoming a major renewable energy investor in the world, and Nami Solar in becoming a leading company in distributed solar power in Vietnam.

Nami Energy founder and chairman Luu Hoang Ha said distributed solar power solutions provided by the joint venture between SK Ecoplant and Nami Energy will support businesses in Vietnam, including Korean investors, in meeting their green energy needs and saving energy costs.