At the signing ceremony (Photo: VNA)

Hanoi – Vu Phong Energy Group JSC and British power firm Shire Oak International have signed a deal to develop rooftop solar power systems at factories run by the Republic of Korea’s Hwaseung Enterprise Co. Ltd. in Vietnam.

The project will receive 10 million USD in total, and be implemented following the build - lease - transfer format. The systems to be developed will have combined capacity of over 12.5 MW.

Hwaseung Enterprise will purchase the power generated by these systems to operate its factories. By using solar power, it expects to reduce its factories’ greenhouse gas emissions by 20 percent.

This move just the start of the company’s plan to install solar power systems at all of its establishments around the world with the aim to halve its carbon emissions by 2030.

These systems are expected to help promote a green economy and sustainable development while reducing pressure on the national grid, which is critical to Vietnam’s efforts to realise its commitments made at COP26, especially to achieve net zero emissions by 2050.

At the signing ceremony on April 4, Chairman of the Vu Phong Energy Group Pham Nam Phong said his company pledged to build structures of the highest quality to generate optimum profits for its clients and partners while contributing to energy transition and greenhouse gas reduction.