Proparco supports GreenYellow’s commitment to renewable energy production in South-East Asia
Through a $25 million investment, Proparco will contribute to the development of small scale, decentralized solar plants for commercial and industrial clients in Thailand, Cambodia and Vietnam.
Created in 2007, GreenYellow is a French energy transition player, specialized in decentralized solar photovoltaic production, energy efficiency and energy services. It currently operates in 16 countries across Asia, Africa, Europe and South America.
GreenYellow operates dedicated solar plants and sell solar power to its clients. This helps them reduce their dependency on gas and coal-based electricity while offering them strong savings in energy cost.
Proparco’s $25 million investment encompasses an estimated total of 140 MWp of solar installed capacity, and will support GreenYellow’s ambitious growth strategy in Thailand, Vietnam and Cambodia. This investment will increase GreenYellow’s capacity to provide solar-generated electricity to businesses, mainly food retailers and manufacturing companies.
These solar plantsare contributing to climate mitigation and the low-carbon transition of the three South-East Asian countries by helping to prevent the emission of up to 66,000 tCO2eq per year and by creating approx. 800 (direct and indirect) jobs over the coming years in Thailand, Vietnam and Cambodia.
“Proparco is delighted to initiate a long-term partnership with GreenYellow, with the ambition of offering reliable and affordable clean energy to corporates in Asia. Proparco and GreenYellow share the common vision to promote sustainable and economically viable energy solutions allowing businesses to transition faster towards their net zero commitments. As aligned partners, we are convinced this first collaboration is only the beginning of a mutually beneficial long-term relationship.” said Grégory Clemente, CEO.
Otmane Hajji, Founder and President of GreenYellow, commented: “Today, GreenYellow is proud to partner with such a French reputable financing institution like PROPARCO, in one of our fastest developing area. The completion of this transaction confirms the maturity and growth potential of self-consumption solar projects in Thailand, Vietnam, and Cambodia. We are convinced that decentralized solar energy production will play a major role in reaching carbon reduction targets of countries worldwide, and in South-East Asia in particular. I would like to warmly thank PROPARCO for their trust which confirms the relevance of our growth strategy and business model.”
Overall, this project will contribute to Sustainable Development Goals #7 (Clean Energy), #8 (Decent Work and Economic Growth), #9 (Infrastructures) and #13 (Climate Change).