Jera to buy 35% in owner of 600-MW renewables portfolio in Vietnam
Enercon turbines in Vietnam. Image by: Enercon GmbH.
Japanese utility Jera Co Inc has agreed to buy a stake of around 35.1% in Gia Lai Electricity JSC (HOSE:GEG), a Vietnam-based renewable energy company with 600 MW of assets in operation and under construction.
Jera will acquire the interest from the International Finance Corporation (IFC) and the Armstrong South East Asia Clean Energy Fund Pte Ltd for an undisclosed sum.
GEC, an affiliate of the Thanh Thanh Cong Group (TTC Group), owns and operates mainly hydro, solar and wind parks. The firm aims to expand its power generation assets to 1.7 GW by 2025, focusing mostly on solar and wind power.
For its part, the Japanese company said that Vietnam is an important market in ASEAN. Earlier this year, Jera commenced its full-scale operation in the Southeast Asian country with its local subsidiary Jera Energy Vietnam Co Ltd.