Singaporean state-owned energy company Sembcorp has completed the acquisition of 245MW of renewables projects in Vietnam.
After the acquisition, the company will add 196MW of solar and wind assets to its portfolio. The company said that it will also acquire a 73% stake in a subsidiary of GELEX Group Joint Stock Company as part of the acquisition. After completion of the entire acquisition, Sembcorp’s renewables capacity in Vietnam will reach 455MW, while the group’s gross renewables capacity will be 14.4GW.
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Sembcorp announced the acquisition in late 2023. The assets have long-term power purchase agreements (PPAs) contracted with state-owned enterprise Vietnam Electricity. The deals were valued at S$218 million (US$160.3 million).
Sembcorp has been expanding its portfolio in Southeast Asia. In March, the company was awarded a 440MW solar-plus-wind project through its renewables subsidiary Green Infra Wind Energy Limited (GIWEL) from Indian state-owned utility SJVN in India.
After completing the project, Sembcorp will sell the power to SJVN via a 25-year power purchase agreement (PPA). The project, connected to the country’s national grid Inter State Transmission System, is expected to be ready for commercial operation within 24 months of signing the PPA.
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