SINGAPORE/HANOI: Vietnamese investment management firm VinaCapital is considering the sale of SkyX Solar in a deal that could value the Ho Chi Minh City-headquartered solar rooftop power developer at over US$100 million, three sources with knowledge of the matter said.
The potential sale comes at a time when renewable companies and assets have become increasingly attractive as investors look to tap growth in the sector driven by global drive to transition to zero-emission economies.
VinaCapital is in talks with a financial advisor to explore the sale of the renewable company it started in 2018, said the sources, who declined to be named as the discussions were private.
It was not immediately clear how much VinaCapital is looking to sell in SkyX as the sources said discussions were under way.
Paris-headquartered renewable energy company EDF Renewables invested in SkyX in 2021, according to a statement at that time which didn't disclose financial details of the deal.
"As the leading investment manager in Vietnam, VinaCapital is routinely approached by third parties who would like to participate in our investments, including in SkyX, which has become a leading C&I (commercial and industrial) rooftop solar power developer in Vietnam," VinCapital said in an email to Reuters.
"We review and evaluate any such proposals, and make announcements as appropriate," it added.
SkyX did not immediately respond to request seeking comment on Thursday (Dec 14).
SkyX is on track to grow over 100 megawatt-peak of operating projects by the end of 2023, according to a report by VinaCapital.
Founded in 2003, VinaCapital currently has $4 billion of assets under management, according to its website, including a closed-end fund listed on the London Stock Exchange.
Last month, its technology investment arm VinaCapital Ventures invested in Singapore-based cyber insurtech company Protos Labs. - Reuters
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