Sharp Corporation announced on Monday that its subsidiary, Sharp Energy Solutions Corporation, completed the full acquisition of its Vietnamese joint venture, Sharp NSN Energy Solution JSC, on June 30, purchasing all shares from its local partner.

The transaction amount was not disclosed. Established in March 2020, the joint venture was primarily engaged in engineering, procurement, and construction (EPC) services for solar power plants in Vietnam, covering design, procurement, and construction, as well as plant operation and maintenance (O&M) services.

Following the acquisition, the company was officially renamed Sharp Energy Solution Vietnam Company Limited (SESV) on May 28, becoming a wholly-owned subsidiary of Sharp.

Sharp stated that the shift from a joint venture to full ownership aims to streamline decision-making processes, enhance governance capabilities, and more efficiently integrate business operations in the Vietnamese market.

In response to Vietnam's growing demand for renewable energy, Sharp plans to use SESV to expand into new business areas, including installing rooftop solar systems for factories and commercial facilities, as well as developing solar power plants integrated with battery energy storage systems.

According to the plan, Sharp will leverage the SESV platform to further participate in Vietnam's solar market and energy storage business. Founded in 1912, the company is currently a subsidiary of Foxconn Technology Group.