Vietnam executes first certified green bond for industrial solar development

Fifty-eight megawatts of solar capacity will be added to Vietnam’s commercial landscape following a $30 million green bond issuance by Verdant Energy. The transaction, backed by GuarantCo and the Private Infrastructure Development Group, represents the first certified green bond for commercial and industrial solar in the country. The 15-year bonds have already secured full subscription from local institutional investors, primarily insurers, signaling a new appetite for long-tenor renewable debt in the region.

Verdant Energy, backed by AP Moller Capital, plans to use the proceeds to stabilize its rooftop and utility-scale pipeline across Vietnam and Thailand. The firm’s strategy focuses on the development of brownfield assets, including a recent 11MWp rooftop portfolio across ten shopping malls. This issuance establishes a template for capital market financing in Vietnam's transition to low-carbon industrial energy, utilizing international guarantees to mitigate local market risk.