EAAIF invests USD 20 million in CME Solar (“CMES”) to power Vietnam’s manufacturing sector with clean energy sources
- The investment marks EAAIF’s second transaction in Asia
- The Fund catalyses the roll out of rooftop solar projects for commercial and industrial
clients in Vietnam - The transaction decarbonises Vietnam’s manufacturing sector and reduces reliance on
coal-fired thermal energy
Hanoi, 6 January 2025: The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private
Infrastructure Development Group (PIDG) company managed by Ninety One, today announced a
USD $20 million investment in CME Solar to support the company to develop a pipeline of rooftop
solar projects for companies in Vietnam. CME Solar is expected to reach a scale of over 260MWp of
projects on the back of this transaction.
EAAIF’s commitment to CME Solar, a prominent player in Vietnam’s commercial and industrial
(C&I) solar energy sector, supports the decarbonisation objectives of their clients and creates
momentum for mainstreaming renewable energy technologies that are often more cost-effective
than traditional fossil fuel-based energy sources.
Vietnam is one of the world’s largest manufacturing hubs for global businesses. With coal-fired
power accounting for 45% of the country’s energy supply in recent years,1 there is an urgent need
to help Vietnam meet its development objective to promote green growth, reduce energy
consumption, and accelerate the energy transition in key industries, including electronics, textiles,
construction, steel, packaging, food & beverage, and manufacturing.
By providing catalytic capital that will mobilise additional financing needed by CME Solar to roll out
their pipeline, this transaction contributes to the uptake of solar-powered technologies along supply
chains in Vietnam, which enhances business resilience and helps companies reach their own
climate targets, and brings the country closer to increasing the share of renewable energy up to
39.2% by 2030 and reaching their net-zero carbon emissions targets by 2050.
The investment marks EAAIF’s second transaction in Asia as the debt fund increases its exposure
and competitive grasp across the region. The new commitment combines market transformation
with action on climate, which aligns with the Private Infrastructure Development Group (PIDG)
2023 – 2030 strategy.
Esther Chan, Director, Ninety One, the fund manager of EAAIF, said: “Our investment in CME
Solar is a testament to EAAIF’s ability to identify and finance infrastructure projects that will
transform entire economies through targeted investments in job-creating sectors. The transition of
Vietnam’s manufacturing sector to solar energy will significantly reduce carbon emissions in the
country while continuing to support the sector’s green growth and economic dynamism.”
Chung Dieu Tuan, CEO, CME Solar: “The investment from EAAIF marks a pivotal moment for us,
enabling us to further strengthen our position in light of the recent government regulation aimed at
stimulating the development of the commercial and industrial solar energy sector. This investment
underscores our ability to meet global standards in terms of operation and performance, as well as
our unwavering commitment to a low-carbon economy.