SkyX Solar

What SkyX Solar does

SkyX Solar Joint Stock Company is a Ho Chi Minh City-based rooftop solar developer founded in 2019 by VinaCapital to serve commercial and industrial (C&I) customers in Vietnam. The company offers end-to-end Solar-as-a-Service solutions, funding, designing, licensing, constructing, and operating rooftop photovoltaic systems under long-term Power Purchase Agreements (PPAs) of 15-25 years, with customers paying only for electricity at rates below the national utility (EVN). The company also operates an ESCO (Energy Service Company) model that recovers capital through shared energy savings, a Direct Power Purchase Agreement (DPPA) offering, Battery Energy Storage Systems (BESS), and Renewable Energy Certificates (RECs).

Its underlying technology stack includes world-class tier 1 PV components, a centralized remote monitoring center, and an Asset Management Platform featuring an AI Data Engine for performance monitoring, predictive analytics, and preventive maintenance, paired with a Green Dashboard that gives clients real-time visibility into energy output and environmental impact via web and mobile. An EDF-backed insurance program provides USD 5 million per-occurrence third-party liability coverage.

SkyX Solar generates revenue through recurring PPA payments across more than 40 facilities totaling 100+ MWp of capacity across 34 Vietnamese provinces, with marquee customers including Mondelez Kinh Do Vietnam, Minh Phu Group, An Phat, Chung Jye Vietnam (New Balance OEM), H&L Apparel (Nike/Adidas/Reebok supplier), Meizic Steel, Hoiana Resort, and Tan A Dai Thanh Group. Since October 2021, EDF Renewables (13.8 GW installed capacity globally) has been a strategic shareholder alongside VinaCapital, and the company has committed to deploy over USD 100 million to develop 200 MWp of additional capacity targeting the C&I segment.

Name

SkyX Solar

Legal name

SkyX Solar Joint Stock Company

Website

https://skyxsolar.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

SkyX Solar is a Vietnam-based rooftop solar developer founded in 2019 that funds, builds, and operates C&I solar systems under 15-25 year PPAs for Vietnamese manufacturers and exporters, backed by VinaCapital and EDF Renewables.

Ownership category

akta.pro rank

Product category

Commercial and Industrial Rooftop Solar Services

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar Roofing & Roof-Mounted PV Systems (IMADAFAO)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC)

Keywords

• Rooftop solar solutions
• Commercial industrial solar
• Power purchase agreements
• Solar as a service
• Distributed energy solutions

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Solar-as-a-Service (SaaS) / Power Purchase Agreement (PPA): SkyX Solar owns, operates, and maintains rooftop solar systems on client rooftops. Clients purchase electricity generated by the solar system at rates lower than the national utility (EVN), providing immediate cost savings with zero capital expenditure or operational burden for the client. Revenue is generated through long-term PPA contracts (typically 15-25 years) with commercial and industrial customers.
2. ESCO (Energy Service Company) Model: SkyX Solar acts as an ESCO provider, covering all technology investment costs and recovering capital through shared energy savings. The customer incurs no initial capital expenditure while SkyX funds the entire project from surveying and design to equipment investment, installation, and ongoing operation.
3. Direct Power Purchase Agreement (DPPA): SkyX Solar develops solar energy farms and wind farms in Vietnam to support corporate customers in achieving Net-Zero commitments through PPAs, subject to Vietnamese government regulatory frameworks.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

SkyX Solar funds, designs, builds, owns, and operates rooftop solar PV systems on the facilities of commercial and industrial customers in Vietnam under long-term Power Purchase Agreements (PPAs) and an ESCO model. Customers pay no upfront capital or operating costs and instead purchase electricity generated on-site at rates below the national utility (EVN). The company also provides Direct Power Purchase Agreements (DPPA), Battery Energy Storage Systems (BESS), Renewable Energy Certificates (RECs), and a centralized Asset Management Platform with AI-powered monitoring for the systems it deploys.

Product overview

SkyX Solar is a rooftop solar power developer providing end-to-end solar solutions to commercial and industrial customers in Vietnam. The core offering is the SkyX Solar Rooftop Solar Solutions platform, which encompasses investment, design, licensing, construction, and operation services delivered through multiple service models including Solar-as-a-Service (SaaS), Energy Service Company (ESCO) Model, and Direct Power Purchase Agreements (DPPA). Supporting the core solar installations is an Asset Management Platform with AI-powered monitoring capabilities and a Green Dashboard for real-time performance tracking. Additional offerings include Battery Energy Storage System (BESS) technology and Renewable Energy Certificates (RECs).

Differentiator

Problem solved

Functional benefit

Products and services

• SkyX Solar Rooftop Solar Solutions

Quantifiable outcome

• Every 1 MW (~7,000 sqm of roof space) of SkyX Solar rooftop solar reduces 4,848 tonnes of CO2 emissions per year for customers on an OPEX model
• +4 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Two partnerships are on record, tiered minor.

• Industrial Park DevelopersminorStrategic or Co-development PartnerSkyX Solar has established strategic partnerships with industrial park developers to provide rooftop solar solutions to tenants. Examples include YSL Group (Korea) which is developing Green Park Vinh Phuc industrial park according to green-smart standards. Industrial parks developers are key distribution partners reaching large numbers of C&I customers.
• NGOsminorStrategic or Co-development PartnerSkyX Solar has established partnerships with NGOs as part of its sustainability ecosystem, contributing to Vietnam's renewable energy transition goals.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Cleantech Solar: Cleantech Solar is a leading C&I rooftop solar PPA provider across Southeast Asia (Singapore, Vietnam, Thailand, India, Cambodia, Malaysia, Indonesia). It directly competes with SkyX Solar in Vietnam's C&I market using the same zero-capex PPA/ESCO model targeting industrial and commercial customers.
• Yellow Door Energy: Yellow Door Energy provides distributed solar and energy efficiency solutions under PPA/ESCO models to C&I customers across the Middle East and Southeast Asia, including Vietnam. It overlaps directly with SkyX's rooftop solar-as-a-service offering for commercial and industrial clients.
• Solek Group: Solek is a Czech-founded solar developer with significant operations in Chile and Latin America, focused on C&I rooftop and utility-scale solar PPAs. It is comparable to SkyX in business model (zero-capex PPA) though it currently operates in different geographies.
• GreenYellow (by Casino Group): GreenYellow is a C&I energy efficiency and rooftop solar PPA provider operating across Southeast Asia, including Vietnam, Thailand, Indonesia, and the Philippines. It directly competes with SkyX for C&I rooftop solar contracts in Vietnam using similar zero-investment PPA models.
• Sunseap (EDP Renewables APAC): Sunseap, now part of EDP Renewables, is one of the largest distributed solar developers in Southeast Asia with a significant C&I rooftop solar PPA portfolio. It serves as a comparable regional player to SkyX, especially in Singapore and Vietnam markets.

Regional players

• Bamboo Capital (BCG Energy): Bamboo Capital Group's BCG Energy subsidiary is one of the largest Vietnamese renewable energy developers, operating solar, wind and rooftop projects domestically. It competes with SkyX for Vietnamese C&I and utility-scale solar opportunities, though with a broader project mix.
• Sao Mai Group (Solar): Sao Mai Group is a Vietnamese conglomerate with a large solar EPC and rooftop solar development arm, including significant MW-scale rooftop installations. It overlaps with SkyX in the Vietnamese C&I rooftop solar segment but is primarily a domestic conglomerate with broader business lines.

Emerging players

• Shizen Energy: Shizen Energy is a Japanese renewable energy IPP active in Japan, Brazil, and Southeast Asia. It develops C&I and utility solar projects under PPA structures and is comparable to SkyX's distributed solar model, though broader in geography and technology scope.
• Energi Viken / Scatec (Vietnam context): Scatec is a Norwegian renewable energy IPP with growing presence in Southeast Asia, including emerging exposure to Vietnam's distributed solar market. It is a comparable international solar developer with capital strength similar to EDF Renewables' backing of SkyX.

Broad incumbents

• Vena Energy: Vena Energy is one of the largest renewable energy IPPs in Asia-Pacific, with utility-scale solar and wind across multiple Asian markets including Vietnam. It is a broader incumbent competitor to SkyX, primarily focused on utility-scale projects but with adjacent C&I exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/skyx-solar

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SkyX Solar