GuarantCo, part of the Private Infrastructure Development Group (PIDG), is guaranteeing over VND 792 billion (about $30 million) in green bonds issued by Verdant Energy’s Vietnamese commercial and industrial platform.
The proceeds of the bonds, with a tenor of 15 years, will be used to finance the construction of 58 MW of solar projects in Vietnam. They will be issued in two phases by the end of this year. The first issuance is already fully subscribed by local institutional investors, who are mainly insurers.
The transaction is the first certified green, C&I solar bond financing in Vietnam, and Verdant Energy’s first capital market issuance, PIDG said in a statement.
Singapore-based Verdant Energy is backed by global investment firm AP Moller Capital. It was launched in 2024 to develop commercial and industrial utility-scale solar, wind, and energy storage projects.
The company focuses on developing greenfield projects and investing in brownfield assets in key Southeast Asian markets that include the Philippines, Thailand, Indonesia, and Malaysia.
It has several projects in Vietnam, including an 11MWp rooftop solar portfolio of installed capacity across 10 shopping malls, acquired last September in partnership with Norfund, Finnfund, and Norsk Renewables.
Other projects in Verdant Energy’s portfolio include a 37 megawatt-per-hour rooftop solar portfolio in Thailand, acquired in March.
