Japan's JERA to buy 35% stake in Vietnam renewable energy company

By Dat Nguyen   August 16, 2022 | 07:14 pm PT
Japan's JERA to buy 35% stake in Vietnam renewable energy company
A view of one of the machines as Japan's biggest power generator JERA prepares for restart of some aged units while building new units at its Anegasaki gas-fired power station in Chiba, near Tokyo, Japan June 22, 2022. Photo by Reuters/Yuka Obayashi
Japan's largest power company JERA is set to buy a 35.1% stake in Gia Lai Electricity as it eyes Vietnam’s great renewable energy potential and growing electricity demand.

It has struck a deal with the International Finance Corporation and Armstrong S.E. Asia Clean Energy Fund to acquire all their shares in GEC, it said in a statement Tuesday.

GEC, an affiliate of the TTC Group, is a leading renewable energy power company in Vietnam and listed on the Ho Chi Minh Stock Exchange.

The company owns mainly hydropower and solar and wind energy projects with a capacity of around 600 megawatts (including projects under construction).

It aims to become a leader in renewables by expanding its capacity to 1.7 gigawatts by 2025 mainly through solar and wind power.

JERA views Vietnam as a priority country where it has potential to engage in both liquefied natural gas and renewable energy projects that will contribute to both decarbonization and stabilization of energy supply to support economic growth.

It had announced earlier this year the start of operations by its subsidiary, JERA Energy Vietnam.

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