SK E&S, South Korea's largest private renewable energy operator, signed an agreement to buy a 99.99 per cent stake in New Renewable Energy JSC No.1, which is a subsidiary of Gia Lai Power Electricity JSC to set a foot in the renewable energy sector in Vietnam.
The deal between SK E&S and its partner is estimated at $37.5 million and was completed in July, according to newswire Yonhap, though the announcement was only made last week.
|The favourable policies of the government and the localities are important factors for SK E&S to select Vietnam as its strategic hub in Southeast Asia. |
The leadership of SK E&S believe that the deal will be a springboard for the company to penetrate the renewable energy market in Vietnam.
SK E&S's leaders said that the favourable policies of the government and the localities were essential factors for SK E&S to select Vietnam as its strategic hub in Southeast Asia.
SK E&S is the first private Korean company to establish a presence in every part of the LNG value chain. In the upstream business, the company was the first private company in South Korea to directly import liquefied natural gas (LNG) in 2006.
Currently, the company offers LNG, power, community energy, renewable energy, international energy, and natural gas power plants.
SK E&S started to implement energy projects in Vietnam in 2020. At present, the company is operating wind farms and solar power projects in Ninh Thuan and Thien Truong via its subsidiaries in Singapore.
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