BCG Energy ramps up capital investment for renewable energy ventures

January 29, 2024 | 11:11

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BCG Energy, a subsidiary of Vietnam's Bamboo Capital Group, has substantially increased its charter capital. The capital hike, from VND4.5 trillion (around $189 million) to VND7.3 trillion, marks a significant escalation in the firm's investment capacity.

BCG Energy ramps up capital investment for renewable energy ventures

Established in 2017, BCG Energy has been a pivotal part of Bamboo Capital Group's expansion into the energy sector.

Nguyen Ho Nam, chairman of Bamboo Capital Group, concurrently holds the position of chairman at BCG Energy, and Pham Minh Tuan, vice chairman of the group, fulfils the role of CEO at BCG Energy.

In the latest annual general sharerholders' meeting, Tuan revealed the company's significant progress in its initial public offering plans for its renewable energy segment

"Over the past year, we have collaborated closely with KPMG Singapore on IPO matters related to our renewable energy division," he said.

On December 16, BCG Energy disclosed that it has successfully completed the repurchase of two bond issuances, identified by the codes EBCCH2124002 and EBCCH2124003. The total value of this repurchase stood $105.48 million.

As of the third quarter of last year, Bamboo Capital Group held a commanding 82.18 per cent stake in BCG Energy.

In a related transaction, Nam reported selling 20 million shares of BCR, representing 4.35 per cent of the charter capital of BCG Land, a Bamboo Capital Group subsidiary.

The transaction, which took place between January 12 and January 16 via a negotiated method, resulted in Nam relinquishing his ownership in BCG Land.

Vietnam stays committed to developing clean and renewable energy

Vietnam remains committed and focused on enhancing the development of hydrogen energy production and hydrogen-source fuels in regions with potential and advantages in renewable energy, close to major consumer markets.

By Celine Luu

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