| Investee Company | CME Solar |
| Sector | Power / Energy |
| Country | Vietnam |
| Total Project Cost | USD 20m |
| PIDG Commitment |
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| Dates of PIDG involvement |
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Vietnam is one of the world’s largest manufacturing hubs for global businesses. With coal-fired power accounting for 45 per cent of the country’s energy supply in recent years, there is an urgent need to help Vietnam meet its development objectives to promote green growth, reduce energy consumption, and accelerate the energy transition in key industries, including electronics, textiles, construction, steel, packaging, food and beverages, and manufacturing.
PIDG’s commitment (through EAAIF) to CME Solar, a prominent player in Vietnam’s commercial and industrial (C&I) solar energy sector, supports the company’s development of a pipeline of rooftop solar projects for Vietnamese companies. Delivering on the decarbonisation objectives of CME Solar’s clients, EAAIF’s commitment grows momentum to mainstream renewable energy technologies that are often more cost-effective than traditional fossil fuel-based energy sources.
The transition of Vietnam’s manufacturing sector to solar energy will significantly reduce carbon emissions while supporting the sector’s green growth. The investment brings the country closer to increasing the share of renewable energy up to 39.2 per cent by 2030 and reaching their net-zero carbon emissions targets by 2050.
The project accelerates the uptake of solar-powered technologies along supply chains in Vietnam, which enhances business resilience and helps companies reach their climate targets. CME Solar is expected to reach a scale of over 260MWp of projects on the back of this transaction as our catalytic capital mobilises additional financing needed by the company to roll out its pipeline.
Our investment strengthens CME Solar’s position in light of the recent government regulation aimed at stimulating the development of the commercial and industrial solar energy sector. This investment enables the manufacturing sector to meet global standards for business operations and performance, reduce energy consumption, and progress towards a low-carbon economy.
