Japan-based Chubu Electric Power Company Incorporated (Chubu Electric) will buy a 20 per cent stake in Vietnam-based Bitexco Power Corporation, a renewable energy (RE) firm, to expand its market reach and diversify its green energy portfolio. Financial details of the acquisition haven’t been disclosed. Under the deal, Chubu Electric will purchase its interest in the company from Japan-based Orix Corporation, Singapore-based United Overseas Bank (UOB) and will purchase the new shares to be issued by Bitexco.
Chubu Electric aims to improve Bitexco’s hydropower stations’ operating efficiency, support future solar capacity expansions, and develop additional onshore wind farms in Vietnam. Bitexco is one of the main RE company in Vietnam, specialising in hydropower and solar energy. It operates 21 hydropower stations and one solar power plant, totalling 798 MW of output capacity.