Central Retail in Vietnam and Norsk Solar Vietnam sign PPA


Ho Chi Minh City, 4th March 2021 – Norsk Solar, a leading and fast-growing global commercial and industrial (C&I) solar PV developer across emerging markets enters into a long-term agreement with Central Retail’s Viet Nam operations for over 11 MW solar PV project. Norsk Solar, which across the Indochina region operates with its long-term local partner Indochina Energy Partners Pte. Ltd. (IEP) will provide the complete turnkey solution and guarantee the performance of the solar PV system throughout the lifetime of the agreement through their local SPV, Norsk Solar (Vietnam) Co. Ltd.

This project will help Central Retail in Vietnam and its retail system operations with their sustainability agenda by generating over 300,000 MWh of clean electricity over the lifetime of the project; equivalent to offsetting in excess of 120,000 tonnes of CO2 emissions over the system lifetime. With the switch to solar power, Central Retail in Vietnam will enjoy the benefits of a cleaner and cheaper source of electricity to power its retail channels at zero upfront capital investment. This contributes to Viet Nam’s ambitious target to increase its share of renewables in the national energy mix and will provide local employment during the construction and operation phase of the solar plants.

“Businesses with a focus on environmental and social impact can really make a difference by adding new renewable energy that matches their electricity consumption. This is exactly what Central Retail does in Viet Nam, by using their rooftops to install solar power plants that are built, owned, and operated by Norsk Solar”, says Mr. Øyvind L. Vesterdal, Norsk Solar co-founder and CEO.

Thomas Jakobsen, Managing Director of Indochina Energy Partners stated that with the backing of very strong stakeholders the Norsk Solar (Vietnam) platform is well positioned to provide solar PV solutions in Vietnam, and in the Indochina region.