Japan-based JERA, a joint venture (JV) company comprising TEPCO Fuel & Power and Chubu Electric Power, has acquired a 35 per cent stake in Vietnam-based Gia Lai Electricity (GEC), a renewable energy (RE) firm. The transaction is valued at USD112 million. The move is expected to further JERA’s decarbonisation efforts as well as boost its clean energy production.
By 2025, JERA plans to increase its renewable capacity to 5,000 MW. The acquisition of GEC’s power facilities will add 190 MW to JERA’s existing portfolio, increasing its total RE capacity 1,900 MW. JERA is also considering jointly developing new solar and onshore wind projects with GEC.
GEC’s power facility has a total capacity of around 600 MW generated from its hydro, solar and wind power plants. The company aims to expand this to 1,700 MW by 2025.