Verdant Vietnam Bravo raises $6.4M in 15-year solar bond as it swings to profit
What's the deal? Verdant Vietnam BravoDealroom has a profile for this one. Try Dealroom → has raised VND 165.4 billion (about $6.4 million) through a 15-year bond to finance rooftop solar power projects. The company issued the bond, VEB12601, on June 23, 2026, at an annual interest rate of 6.95%, with maturity due in 2041.
Why now? The raise coincides with a sharp turnaround in the company's finances. In the first half of 2026, Verdant Vietnam Bravo posted an after-tax profit of VND 5.5 billion, reversing a VND 1.6 billion loss a year earlier.
By the numbers: Equity capital surged 374% to VND 149 billion, driven by a VND 140.9 billion direct investment injection. The debt-to-equity ratio fell from 4.39 to 1.32, while the current ratio climbed from 0.36 to 5.02.
What's the endgame? This is the first tranche of a planned VND 372.1 billion raise. A second issuance worth VND 206.7 billion is expected in the second half of 2026.
Who's behind it? A FiinRatings report from June 2026 says the company receives direct support from AP Moller CapitalDealroom has a profile for this one. Try Dealroom →, an infrastructure fund manager with $2 billion in assets and part of the AP Moller GroupDealroom has a profile for this one. Try Dealroom →, which holds more than $110 billion.
What could go wrong? The bond lifted total liabilities to VND 196 billion, up 42% year on year. The company has yet to make any principal or interest payments on the new issue, though it fully repaid an VND 81 billion loan from the previous period.
The signal: Verdant Vietnam Bravo is not alone in its ecosystem. Sister company Verdant Vietnam CrystalDealroom has a profile for this one. Try Dealroom →, also backed by AP Moller Capital, swung to a VND 6.72 billion profit and issued a VND 225 billion bond to expand rooftop solar capacity to 47 MWp by 2027 — a sign of steady capital flowing into Vietnam's renewable energy build-out.
Read more: vietnam.vn
Image credit: Generated with Gemini
