Business

Japanese firm acquires a 35.1% stake in Vietnam's power firm

DNVN - Nikkei Asia reported that JERA Inc., a Japanese power generation company, has signed an agreement to purchase a 35.1% stake in Vietnam's Gia Lai Electricity Joint Stock Company (GEC) to capitalize on the Southeast Asian nation's rising electricity demand and advance its own decarbonization efforts.

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JERA, a Tokyo Electric Power and Chubu Electric Power joint venture, will invest 15 billion (112 million USD) in the Vietnamese renewable energy company.

Japanese firm acquires a 35.1% stake in Vietnam's power firm.

Japanese firm acquires a 35.1% stake in Vietnam's power firm.

The acquisition is part of JERA's plan to increase its renewable energy generation capacity to 5,000 megawatts by 2025. The investment in GEC will increase the company's total renewable energy capacity by 190 MW, to 1,900 MW. JERA will also consider collaborating with GEC on the development of solar and onshore wind projects.

JERA has already taken part in renewable energy projects throughout Asia, including in India and Thailand. Since 2005, it has run a gas-fired power plant in Vietnam.

The generation capacity of the hydro, solar, and wind power plants owned by GEC is approximately 600 MW. It plans to increase this to 1,700 MW by 2025, per JERA.

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