Vietnam: Solar power company formerly controlled by Dragon Capital raises 320 billion VND in 10-year bonds

This is the first bond issuance by a rooftop solar power company within the BECIS system, with a value exceeding the company’s own charter capital.

BECIS Vietnam Joint Stock Company announced the results of the issuance of bond code BECL12601, comprising 3,200 bonds with a face value of VND 100 million per bond, corresponding to a total value of VND 320 billion. The bond tranche was issued and completed on October 30, 2026, with a 10-year tenor and a maturity date of October 30, 2036.

According to data from the Hanoi Stock Exchange (HNX), the bonds carry a fixed interest rate of 7.4% per annum, with interest paid semi-annually and principal repaid in a single lump sum at maturity. These are secured bonds in the form of a payment guarantee, accompanied by an early redemption clause, and were offered through an issuing agent to professional institutional investors.

BECIS Vietnam was established on November 28, 2017, in Ho Chi Minh City, initially under the name Thien Binh Da Nang Joint Stock Company, with a charter capital of VND 100 million and a primary business of investment consulting. The three founding shareholders were Mr. Le Anh Tuan (60%), Ms. Nguyen Thi Minh Ly, and Mr. Nguyen Son Hung (20% each). Mr. Le Anh Tuan serves as the Director and legal representative.

In early 2019, the company changed its name to Vietnam Solar Power Utility JSC. Robert William Santler, a British national, replaced Tuan as the legal representative. At that time, the company was fully owned by foreign investors, including Dragon Capital Private Equity Management Limited, registered in the British Virgin Islands, which held 55%; Ecosphere Renewables Limited, based in the UK, which held 44%; and Santler, who held 1%. In July 2019, the charter capital was increased to 41.4 billion VND, and then to 65 billion VND in mid-2020, by which time Dragon Capital held more than 70% of the capital.

A turning point occurred in January 2022. The company increased its capital to 120 billion VND. BECIS SEA Pte. Ltd., based in Singapore, became the largest shareholder with nearly 61% of the capital. Ecosphere Renewables withdrew from the shareholder list, while Dragon Capital retained 38%. Just days later, the company changed its name to BECIS Vietnam JSC. In July 2023, the charter capital was increased to nearly 242 billion VND. BECIS SEA raised its stake to more than 80%, while Dragon Capital’s holding decreased to 19%.

The most recent change in registration, made in October 2024, saw the charter capital increased to VND 262.5 billion. Dragon Capital and Mr. Santler are no longer listed as shareholders. BECIS SEA holds 99.68% of the capital, with the remaining 0.32% split equally between Berkeley Energy Renewables (Mauritius) Limited and BECIS Thailand Holding Pte. Ltd. (Singapore), each holding 0.16%. The authorized representative for the capital contributions of BECIS SEA and Berkeley Energy is Mr. Mehmet Eren Ergin, a Turkish national and the Chief Executive Officer of the BECIS Group. Since January 2024, Mr. Vo Ngoc Qui has replaced Mr. Santler as Director and legal representative.

Consequently, BECIS Vietnam is now almost entirely owned by its parent company in Singapore, with a charter capital of VND 262.5 billion, which is lower than the value of the bond tranche recently issued. The company’s headquarters is located in An Khanh Ward, Ho Chi Minh City (formerly part of the Thu Thiem area).

According to the group's website, BECIS is an energy-as-a-service provider for commercial and industrial customers. The company independently invests in, constructs, owns, and operates rooftop solar power systems, biomass boilers, and energy-saving solutions directly at customer facilities. Customers are not required to make capital investments but instead pay based on the amount of energy consumed. BECIS's portfolio includes 419 MWp of solar power capacity across eight Asian markets, of which Vietnam accounts for 51 MWp. Vo Ngoc Qui serves as the National Director of BECIS in Vietnam.

The board of directors of BECIS includes representatives from the renewable energy investment fund Berkeley Energy, as well as development financial institutions such as the Netherlands' FMO and Norway's Norfund, alongside representatives from Siemens Financial Services. The group received a $50 million loan from the British International Investment (BII) and FMO in 2024, and raised additional equity capital from existing shareholders through two rounds at the end of 2024 and the end of 2025. In June 2026, GuarantCo, a guarantee provider under the Private Infrastructure Development Group (PIDG), provided a 50% guarantee for two long-term loans totaling 2.6 billion rupees for BECIS's subsidiary in India.

Besides BECIS Vietnam, Vo Ngoc Qui is also listed as the representative for several other companies within the same system, including BECIS Vietnam Solar Energy Co., Ltd., BECIS Vietnam Energy Solutions Co., Ltd., and Lotus Solar Dong Nai Co., Ltd.

BECIS Vietnam is not the first foreign-invested rooftop solar power company to issue bonds this year. At the end of June 2026, two subsidiaries of Verdant Energy (Singapore), namely Verdant Vietnam Crystal and Verdant Vietnam Bravo, issued two tranches of 15-year bonds with an interest rate of 6.95% per annum, also under a payment guarantee structure. According to GuarantCo, the company provided a payment default guarantee for Verdant’s 792 billion VND green bond program, which was used to construct an additional 58 MW of rooftop solar power.

Compared to Verdant’s two tranches, BECIS’s bonds have a maturity period that is five years shorter but carry an interest rate that is 0.45 percentage points higher.