Fillipino AboitizPower acquires US$46-million Vietnam’s wind farm firm
Having started operations in 2017, the 39.4-megawatt Dam Nai Wind facility is one of the first wind power projects in Vietnam to have been successfully brought online.
Fillipino AboitizPower, through its wholly-owned subsidiary AboitizPower International, on August 23 signed an agreement to fully acquire Vietnam’s Mekong Wind company from Armstrong Southeast Asia Clean Energy Fund that operates Dam Nai Wind Facility in Ninh Thuan province in a deal worth US$46 million, according to Philippine Daily Inquirer.
The Dam Nai Wind facility, located in Ninh Thuan Province, Southern Vietnam, is among the first successful wind power projects in the country. Source: AboitizPower.
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Incorporated in Singapore, Mekong Wind owns Dam Nai Wind Power Company, which in turn owns and operates the 39.4-megawatt Dam Nai onshore wind power facility in Ninh Thuan province, is described as one of the most attractive sites for wind energy in Vietnam.
Having started operations in 2017, Dam Nai Wind is one of the first wind power projects in Vietnam to have been successfully brought online.
According to AboitizPower, the acquisition builds on its investments in the rapid growth of renewable energy and marks its entry into one of Asia’s most attractive markets.
Vietnam, with its robust economic growth backed by strong government support, creates an attractive environment for AboitizPower to increase its commitment and contribution to energy supply security in Southeast Asia through its wide experience and expertise in the power sector, stated the firm in a statement.
“We have announced our intentions to go international some time back and we have been prudent in looking for the right opportunity that will bring the best value for the company and our shareholders. This is such a transaction,” said Erramon Aboitiz, AboitizPower president and chief executive officer.
AboitizPower chief operating officer Emmanuel Rubio said the company would bring to the Vietnam market the same level of expertise as what the company had achieved with its Cleanergy brand in the Philippines.
Cleanergy represents a portfolio with a total of 1,200 MW of electricity-generating capacity based on hydro, geothermal and solar power plants that AboitizPower and its partners had built.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years