en.Wedoany.com Reported - Singapore-based Verdant Energy has secured a green bond financing worth VND 792 billion (approximately USD 30 million) to develop 58 MW of commercial and industrial rooftop solar projects in Vietnam. The bond, backed by a payment default guarantee from GuarantCo, is the first certified green commercial and industrial solar bond in Vietnam.
GuarantCo is part of the Private Infrastructure Development Group (PIDG). Verdant stated that this marks its first-ever bond issuance in the capital markets globally. The 15-year bond is supported by a guarantee of the same tenor, making it the longest maturity for such financing in Vietnam. The bond will be issued in two tranches by the end of 2026, with the first tranche fully subscribed by domestic institutional investors, primarily insurance companies.
Verdant, backed by global investment firm AP Moller Capital, has power purchase agreements with clients including apparel and manufacturing companies, which seek to save on electricity costs through rooftop solar systems. The financing will be used to build 58 MW of commercial and industrial rooftop solar projects in Vietnam.
Nishant Kumar, Managing Director of Asian Investments at GuarantCo and Head of PIDG Asia, expressed hope that this transaction could serve as a replicable model, enhancing confidence for issuers and investors operating in the sustainable infrastructure sector, which urgently needs private capital to improve livelihoods, support climate resilience, and drive economic development.
Vietnam's commercial and industrial solar market is growing rapidly. According to a November 2025 analysis by TransitionZero, the country's rooftop solar installed capacity stands at 6.93 GW AC, of which 4.91 GW AC is from commercial and industrial sources and 2.02 GW AC from residential. Commercial and industrial sectors dominate rooftop solar, as multinational corporations and manufacturing companies across industries seek to decarbonize their supply chains. Vietnam introduced formal rooftop solar guidelines in 2025, covering self-consumption and third-party power purchase agreements, providing greater regulatory clarity for the sector. Under the latest power development plan, the country aims to install rooftop solar on 50% of public buildings and residential homes by 2030.
Verdant stated that the transaction supports Vietnam's National Power Development Plan VIII and the country's net-zero emissions target by 2050 by expanding renewable energy for commercial and industrial customers. Recently, Brookfield announced plans to deploy up to 1 GW of utility-scale solar, wind, and battery storage capacity in Vietnam to support Foxconn's operations and supply chain in the country.
