Sojitz Corporation, Osaka Gas, Looop Partner for Rooftop Solar in Vietnam

Sojitz Osaka Gas Energy Company Ltd. (“SOGEC”), a joint venture company between Sojitz Corporation (“Sojitz”) and Osaka Gas Co., Ltd. (“Osaka Gas”), has partnered with Looop Inc. (“Looop”) to establish a new joint venture company SOL Energy Company Limited (“SOL Energy”) as of October 21. Moving forward, SOL Energy will begin operations of a rooftop solar power generation business geared towards industrial and commercial customers in Vietnam.

SOL Energy’s solar power business will utilize financial support from the Ministry of the Environment of Japan’s Financing Programme for JCM Model Projects in FY2021, and this project will be conducted in cooperation with the Vietnamese and Japanese governments.

SOL Energy plans to install rooftop solar panels that can provide over 10MW of solar power to customers at the Sojitz-operated Long Duc Industrial Park in southern Vietnam’s Dong Nai Province. Installation of solar panels is expected to reduce CO2 emissions for Long Duc Industrial Park as a whole by approximately 5,800 tons annually.

In addition to supplying customers with solar power over the long term, SOL Energy will use the surplus electricity to supply the industrial park’s operating companies. In doing so, SOL Energy will contribute to utilization of renewable energy and decarbonization at the Long Duc Industrial Park. The company also plans to expand its solar business beyond Long Duc Industrial Park.

In July 2020, Vietnam revised its greenhouse gas mitigation targets, raising its commitment to a 27% reduction of GHG emissions to be realized by 2030 with international support, which includes Joint Credit Mechanism projects. Sojitz, Daigas Group (an Osaka Gas group brand), SOGEC, and Looop will actively promote the spread of renewable energy through SOL Energy’s rooftop solar power generation business, thereby contributing to Vietnam’s sustainable development and the realization of a low-carbon society.

Looop Inc. offers solar power system development, sale, construction, management, and maintenance services. The Company sells solar power equipments and related products. Looop also provides insurance agency services.