Specifically, Levanta Renewables, a leading Southeast Asia-focused renewable energy platform backed by Actis, has unveiled that in mid-July it acquired a 28.7 MWp rooftop solar system from related companies of Tien Nga Joint-Stock Company, a major logistics provider in Vietnam.

This represents the largest rooftop solar project in Dong Nai province, whilst also being one of the largest rooftop solar projects nationwide, spanning close to 200,000 sqm of rooftop surface.

The project is expected to generate over 34 GWh per year, supplying green energy to Vietnam Electricity (EVN) under long-term Power Purchase Agreements (PPAs). 

“This acquisition is an important milestone in the growth of Levanta Renewables in Vietnam and a demonstration of our diversification across utility scale and commercial & industrial markets. It adds to our Vietnam portfolio of solar and wind assets and helps to achieve our goal of owning and operating a 1.5 GW renewable platform across Southeast Asia by 2028,” said Sudhir Nunes, CEO of Levanta Renewables.

Meanwhile, Sembcorp Solar Vietnam Pte Ltd announced in June its acquisition of majority interests in three out of four subsidiaries of Gelex Group JSC in the renewable energy sector. Following this transaction, Sembcorp is set to add a total of 196 MW of operational solar and wind power capacity to its portfolio.

Furthermore, Sembcorp will also acquire a 73% stake in a fourth subsidiary of the GELEX system, with this expected to happen in the second half of the year.

Upon completion of all four transactions, Sembcorp's gross renewable energy capacity in the country will reach 455 MW, while the group's gross renewable energy capacity globally is likely to stand at 14.4 GW.

Another Singaporean company, Great Master, is also eligible to acquire 20% of the total charter capital of Trung Khoi Joint Stock Company, an industrial park developer based in the central Quang Tri province.

Moreover, Singapore-based Atlantic, Gulf and Pacific LNG (AG&P) has also acquired a 49% stake in Cai Mep LNG Terminal in the southern Ba Ria - Vung Tau province.

Seck Yee Chung, partner of multinational law firm Baker & McKenzie, shared that foreign investors continue to be an important factor in the Vietnamese M&A market, largely driven by strong interest in the nation as a growth market.

In particular, Singapore has maintained its position as one of the most active investors in the Vietnamese M&A market.

Chung expressed his confidence that Singaporean financiers will strengthen their investment portfolio by making new strategic deals in the country - an emerging market in Southeast Asia.

According to data compiled by the Ministry of Planning and Investment, Singapore ranked third, after the Republic of Korea and China, among foreign investors conducting M&A activities in the Vietnamese market in the first half of the year with 142 deals worth about US$349 million.

Source: VOV