- SP and Hoa Sen launch Vietnam’s first CaaS with solar at two steel plants.
- 1,900 RT cooling and 17.6 MWp solar to cut power use by 30%, CO2 by 14,000 tonnes.
- No-capex model offers energy savings, reliability, and low emissions.
SP Group (SP) recently announced a partnership with Hoa Sen Group, a leading steel manufacturer in Southeast Asia, to develop Vietnam's first Industrial Cooling-as-a-Service (CaaS) solution. The partnership includes installation of the state-of-the-art CaaS with rooftop solar systems at Hoa Sen's two large-scale production facilities for steel sheets, located in Phu My and Nghe An.
The project's installation of CaaS facilities marks SP's first set of CaaS pilot programs in Vietnam, continuing to enhance the group's position for sustainable and clean energy infrastructure in the surrounding region. Through our partnership, SP will be installing CaaS systems with a combined capacity of approximately 1,900 refrigeration tonnes (RT) to provide cooling for critical manufacturing areas, such as electrical and variable speed drive areas.
At the same time, rooftop solar photovoltaic (PV) systems with a total capacity of 17.6 megawatt-peak (MWp) will be set up, producing more than 21,000 MWh of renewable energy each year. The CaaS solutions are expected to be fully functional by the second quarter of 2026, whereas the commercial operations for the PV systems began in March (Phu My) and June (Nghe An) of 2025.
Brandon Chia, Managing Director for Sustainable Energy Solutions (Southeast Asia), SP Group, said, “This marks SP’s first Cooling-as-a-Service deployment in Vietnam and a significant step in accelerating the adoption of sustainable cooling solutions for the industry. By offering integrated, innovative and cost-effective cooling and solar deployment models, we help customers like Hoa Sen decarbonise while maintaining operational performance. We look forward to scaling this model across Vietnam’s industrial sector.”
This partnership is expected to lower electricity usage for cooling by more than 30 percent each year. Moreover, the solutions target the prevention of over 14,000 tonnes of CO2 emissions annually – comparable to taking 3,300 vehicles off the streets or supplying energy to 3,900 households in Vietnam. In total, more than 214,000 tonnes of emissions are expected to be cut throughout the project's duration.
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Cooling-as-a-Service (CaaS) is a cutting-edge, scalable, and economical cooling option offered by SP. It provides a no-capex model where SP designs, constructs, owns, and manages high-efficiency cooling systems with comprehensive lifecycle maintenance for facilities.
This enables customers to pay solely for the cooling energy used and assists businesses in eliminating initial infrastructure and equipment expenses while gaining from energy savings, operational reliability, and lower emissions.
SP Group is a top utilities provider in the Asia Pacific, driving the energy future with low-carbon, intelligent solutions. It possesses and manages electricity and gas transmission and distribution networks in Singapore and Australia.