SP Group signs partnership with Hoa Sen Group to launch Vietnam’s first industrial Cooling-as-a-Service (CaaS)

Cooling-as-a-Service (CaaS) is an innovative, scalable and cost-effective cooling solution from SP. It offers a zero-capex model in which SP designs, builds, owns, and operates high-efficiency cooling systems with full lifecycle maintenance for buildings. This allows customers to pay only for cooling energy consumed and helps businesses avoid upfront infrastructure and equipment costs while benefiting from energy savings, operational reliability, and reduced emissions.

Under the partnership, SP will deploy:

• CaaS systems that have a combined capacity of up to 1,900 refrigeration tonnes (RT), which will deliver high-efficiency cooling for critical manufacturing environments including the electrical and variable speed drives rooms.
• Rooftop solar photovoltaic (PV) systems that have a combined capacity of 17.6 megawatt-peak (MWp) will generate more than 21,000 MWh of clean energy annually.

The CaaS solutions will be operational by Q2 of 2026, while commercial operations for the PV systems began in March (Phu My) and June (Nghe An) 2025. Together, the two solutions are expected to:

• Reduce cooling-related electricity consumption by over 30% per annum
• Avoid more than 14,000 tonnes of CO₂ emissions annually – equivalent to removing 3,300 cars from the road or powering 3,900 Vietnamese homes
• Enable over 214,000 tonnes of emissions reduction over the project lifecycle (15-year CaaS and 25-year solar PV agreements)

Mr. Brandon Chia, Managing Director for Sustainable Energy Solutions (Southeast Asia), SP Group, said, “This marks SP’s first Cooling-as-a-Service deployment in Vietnam and a significant step in accelerating the adoption of sustainable cooling solutions for the industry. By offering integrated, innovative and cost-effective cooling and solar deployment models, we help customers like Hoa Sen decarbonise while maintaining operational performance. We look forward to scaling this model across Vietnam’s industrial sector.”

Mr. Nguyen Minh Phuc, Deputy General Director, Hoa Sen Group, said, "Integrating sustainable cooling and renewable energy solutions into our operations improves efficiency and supports our sustainability goals. This partnership with SP Group aligns with our strategy to enhance energy performance across our manufacturing facilities." 

The project is implemented alongside rooftop solar installations at Hoa Sen Group’s two largest steel sheet manufacturing plants in Phu My and Nghe An

SP Group has been expanding its portfolio of sustainable energy solutions in Vietnam since 2021, with close to 400 MWp of solar projects serving more than 50 commercial and industrial customers.

SP Group is a leading utilities provider in Asia Pacific, empowering the future of energy through low-carbon, smart solutions. It owns and operates electricity and gas transmission and distribution networks in Singapore and Australia. As Singapore’s national grid operator, SP Group serves approximately 1.7 million industrial, commercial, and residential customers with world-class transmission, distribution, and market support services.