Japanese corporation to provide solar energy solutions to Sao Mai and the two will build a solar panel production facility.
The Sao Mai Group and Japan’s Koyo Corporation entered into a cooperative agreement on renewable energy on December 10.
Koyo will provide solutions to Sao Mai to produce electricity from solar energy and both will build a factory producing solar panels at Sao Mai’s industrial zone for the domestic and overseas markets.
Seeking renewable energy sources to replace fossil fuels is an inevitable trend around the world, according to Mr. Le Thanh Thuan, Chairman and General Director of Sao Mai.
Solar power is considered the most clean and efficient energy source. Vietnam’s location and climate make it able to provide abundant sources of solar energy, Mr. Tuan said in explaining why the group decided to expand its business activities into renewable energy. The signing of the cooperative agreement with the Koyo Corporation is a strategic direction for Sao Mai Group to take, he added.
Initially, Koyo will provide and install power generation systems using solar panels for Sao Mai’s factories at the Vam Cong industrial complex in Dong Thap province, with a capacity of 10,500 kW, accounting for nearly 50 per cent of the total required at the factories. This will help Sao Mai save nearly VND40 billion ($1.78 million) on its electricity bill annually.
Koyo will also supply smart outdoor lighting systems using solar energy in all high-end urban area projects developed by Sao Mai as well as provide LED lighting systems that save on energy in its offices and manufacturing facilities.
The BIDV Nam Ky Khoi Nghia branch has also committed to support finance to Sao Mai to successfully implement the contents of the partnership agreement.
Established in 1997, Sao Mai is one of the leading construction contractors in the Mekong Delta and southern region, with ten subsidiaries. The company was named in The Top 500 Largest Enterprises list released by Vietnam Report in 2014.
The Koyo Corporation, under the Koyo Group, has more than 35 years of experience in multi-national businesses, specializing in renewable energy, energy savings, finance, e-commerce, and real estate, among others.