TEPCO Renewable Power, Inc. (TEPCO RP) has scooped up a 24.96 per cent interest in Vietnam Power Development Joint Stock Company (VNPD), a hydroelectric power company in Vietnam.
The transaction on December 20 helped TEPCO RP become a major shareholder in the Vietnamese enterprise. The trading session saw foreign investors buy-in exactly 26.6 million VPD shares at the price of VND29,500 ($1.25) apiece. Accordingly, Tepco spent about VND785 billion ($33.25 million) on the deal.
VNPD is a hydroelectric power generator established in 2002 and is currently listed on the Ho Chi Minh Stock exchange. It owns and operates three hydropower plants with a total output of 136.2MW.
In addition to providing a stable supply of electricity to meet the growing electricity demand in Vietnam, VNPD plans to develop new renewable energy sources, not only hydroelectric but also other renewable energies to contribute to achieving the renewable energy development targets to be set in the next National Power Development Plan.
The acquisition is the second investment TEPCO RP has made in Vietnam following our investment in the Coc San hydropower project.
With this new investment, TEPCO RP shall use the expertise it has cultivated over many years in Japan’s hydroelectric power industry as a foundation upon which to work with VNPD to increase the value of its existing hydroelectric power plants.
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By Thanh Van