Japanese firm buys 35.1% stake at Vietnam’s power company
JERA Inc., a power generation company of Japan, has signed a deal to buy a 35.1% stake at Vietnam’s Gia Lai Electricity Joint Stock Company (GEC) to tap the Southeast Asian nation's growing demand for electricity and further its own decarbonisation efforts, Nikkei Asia reported.
Solar panels of a power plant in Vietnam (Illustrative photo: NA)
Tokyo (VNA) - JERA Inc., a power generationcompany of Japan, has signed a deal to buy a 35.1% stake at Vietnam’s Gia LaiElectricity Joint Stock Company (GEC) to tap the Southeast Asian nation'sgrowing demand for electricity and further its own decarbonisation efforts,Nikkei Asia reported.
JERA, a joint venture between Tokyo Electric Power and ChubuElectric Power, will invest 15 billion JPY (112 million USD) in the Vietnameserenewable energy company.
The purchase comes as JERA aims to increase its renewablesgeneration capacity to 5,000 MW by 2025. The stake in GEC will add 190 MW,bringing the company's total renewables capacity to 1,900 MW. JERA will alsoconsider jointly developing solar and onshore wind projects with GEC.
JERA has already participated in renewable energy projectsacross Asia, including India and Thailand. It has operated agas-fired power plant in Vietnam since 2005.
GEC owns hydro, solar and wind power plants with a totalgeneration capacity of about 600 MW. It looks to raise this to 1,700 MW by2025, according to JERA./.
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Solar panels of a power plant in Vietnam (Illustrative photo: NA) 
