Skye Renewables Acquires Fourth Partner Energy's Vietnam Biz

Renewable energy developer Fourth Partner Energy (FPEL) on Friday announced the sale of its Vietnam business to Singapore-based Skye Renewables.

The transaction marks FPEL's strategic exit from Vietnam after 4 years of developing on-site solar assets in the market, a company statement said.

The deal covers the transfer of all the rooftop solar projects executed for corporate clients by FPEL, including Delta Galil, Freewell, Vinsmart, Tuico and KYT.

"For some months now, we have believed the timing is right for FPEL to sharpen our focus on core growth markets and redeploy capital into high-priority opportunities within corporate India.

"Our experience in Vietnam delivering clean energy to corporates has been enriching and impactful – and now with BII's support, we are privileged to hand over our execution personnel, clients and assets in entirety to the remarkable team at Skye," Aditya Gupta, Head of Mergers & Acquisitions at Fourth Partner Energy, said.

For Skye Renewables, this is a step toward strengthening its footprint across Southeast Asia.

Skye Renewables founder and CEO Ross Coull said, "Corporate consumers across Southeast Asia are steadily increasing their adoption of renewable energy, and this strategic acquisition gives Skye a stronger foothold in the Vietnam market. Our aim is to also scale our presence across Malaysia, Singapore and the Philippines to several hundred megawatts by 2030".

With this transaction, FPEL completes the full exit from Vietnam. The company continues to operate in Bangladesh and Sri Lanka, and in Indonesia through its joint venture with Indika Energy.

Fourth Partner Energy currently has an installed capacity of over 3.7 GW across India, with a target of 9 GW by 2031.