Aboitiz Group enters Vietnam’s renewable energy market
AboitizPower is acquiring 100% ownership of Mekong Wind Pte. Ltd. , which owns and operates a 39.4 megawatt wind power facility in southern Vietnam, for $46 million.
The transaction, which marks AboitzPower’s entry into the international renewable market, is expected to be completed in the fourth quarter.
Mekong Wind owns 99.99 of Dam Nai Wind Power, one of the first wind power projects in Vietnam to have been successfully brought online with commercial operations having commenced in late 2017.
“This transaction is a milestone for AboitizPower and sets the tone for our expansion in the international market. We have announced our intentions to go international some time back and we have been prudent in looking for the right opportunity that will bring the best value for the company and our shareholders. This is such a transaction,” said Erramon I. Aboitiz, president and CEO of AboitizPower.
AboitizPower, together with its partners, generates some 1,200 MW of clean and renewable energy from its portfolio of hydro, geothermal, and solar power plants, forming its Cleanergy brand. .
The company is one of the largest power producers in the Philippines with a balanced portfolio of assets located across the country.