Japan’s JERA acquires stake in Vietnamese firm for renewables expansion
Japan’s largest power company JERA has acquired a 35.1% stake in Vietnamese firm Gia Lai Electricity JSC from the World Bank’s investment arm IFC and Armstrong S.E. Asia Clean Energy Fund Pte.
JERA, a 50-50 joint venture between Tokyo Electric Power Co. (Tepco) and Chubu Electric Power, announced Tuesday its takeover of all holdings of IFC and the Singapore-based investment firm in the Vietnamese company, but did not disclose the price.
The acquisition is expected to be completed after necessary regulatory approvals, JERA said, adding the deal was made through its subsidiary JERA Asia Pte.
The deal makes the Japanese company the largest foreign stakeholder in Gia Lai Electricity, a power unit of Ho Chi Minh City-based TTC Group, which has interests in energy, agriculture, real estate, tourism and education.
Gia Lai Electricity, listed on the Ho Chi Minh Stock Exchange as GEC, owns and operates hydro, solar and wind power projects with a capacity of around 600 megawatts, including projects under construction.
As Vietnam seeks to shift to cleaner energy and achieve carbon neutrality by 2050, the TTC subsidiary has plans to expand its power generation assets to 1.7 gigawatts by 2025, mainly comprising solar and wind power.
“As one of Japan’s leading energy companies, our objectives are to contribute to both economic growth and decarbonization across Asia, and this investment represents another milestone in this effort. As a shareholder in GEC, we will support its expansion of renewables in Vietnam,” a company release quoted JERA Asia CEO Toshiro Kudama as saying.
JERA said the Japanese major has recently established a new corporate vision for 2035, “to scale up its clean energy platform of renewables and low greenhouse gas thermal power, sparking sustainable development in Asia and around the world.”
TTC chairman Dang Van Thanh said his group had an interest in discussing with JERA the potential of liquefied natural gas (LNG)-fired power, an area that has recently caught great attention in Vietnam, which is also one of JERA’s strengths.
This March, JERA announced the start of full-scale operations of its Vietnam subsidiary, JERA Energy Vietnam Co.
“JERA has positioned Vietnam as a priority country and is considering the development of several LNG-to-power projects that will contribute to both decarbonization and a stable supply of energy, supporting economic growth,” the Japanese company had said then.
JERA Energy Vietnam has started work on the basic design for a 4.5 GW project in Hai Phong city’s Tien Lang district. It is a multi-billion dollar integrated gas-for-power development JERA has been pursuing together with American giant ExxonMobil.
The domestic subsidiary is also responsible for furthering LNG-to-power projects in Vietnam and exploring new projects, including in renewable energy.
- Read More
Major Vietnamese developer Novaland appoints new CEO
Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.
Companies - Sat, November 2, 2024 | 10:24 am GMT+7
Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3
Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.
Bamboo Capital - Sat, November 2, 2024 | 9:41 am GMT+7
ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout
Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.
Companies - Sat, November 2, 2024 | 9:13 am GMT+7
Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex
Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.
Industries - Sat, November 2, 2024 | 8:00 am GMT+7
Vietnam becomes Australia’s fastest-growing inbound market
The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.
Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7
Study finds shift in Thai consumers’ spending patterns
Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).
Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7
Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7
Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM
Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.
Politics - Fri, November 1, 2024 | 9:25 pm GMT+7
Vietnam, Qatar look to tap potential for energy, oil & gas collaboration
Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.
Politics - Fri, November 1, 2024 | 9:02 pm GMT+7
Thailand bans export of raw palm oil until December
Thailand's Department of Internal Trade has temporarily banned the export of raw palm oil due to reduced production caused by drought and plant diseases.
Southeast Asia - Fri, November 1, 2024 | 8:31 pm GMT+7
Envision Energy to build $420 mln wind power plant in Vietnam from June 2025
Envision Energy Singapore Pte Ltd, under China-based Envision Energy, aims to kick off construction of the 300-MW Envision Nam Po wind power plant in Vietnam’s northern mountainous province of Dien Bien in June 2025.
Energy - Fri, November 1, 2024 | 8:30 pm GMT+7
Indonesia to ban plastic waste imports from 2025
The Indonesian government will start imposing a ban on the import of plastic waste from the beginning of next year, according to Minister of Environment Hanif Faisol Nurrofiq.
Southeast Asia - Fri, November 1, 2024 | 8:29 pm GMT+7
Islamic economy makes up 48% of Indonesia’s GDP
The contribution of Islamic business activities to Indonesia’s GDP has been estimated at 48%, local authorities reported at the 11th Indonesia Sharia Economic Festival (ISEF).
Southeast Asia - Fri, November 1, 2024 | 8:28 pm GMT+7
Restructured construction giant Tracodi gets set to execute ambitious plans
After changing its name and restructuring as a group, Tracodi Construction Holdings JSC (HoSE: TCD), a member of Bamboo Capital Group (HoSE: BCG), has completed a leadership shake-up and is poised to achieve rapid growth.
Bamboo Capital - Fri, November 1, 2024 | 4:43 pm GMT+7
Philippines requests companies to pay for plastic waste treatment
The Philippines expects its "Extended Producer Responsibility" (EPR) that came into force last year will help it curb plastic waste
Southeast Asia - Fri, November 1, 2024 | 4:30 pm GMT+7
Indonesia warns of rising online terrorism
Indonesia's National Counter-Terrorism Agency (BNPT) has warned of a shift in terrorism tactics, moving from public attacks to online platforms that target vulnerable groups, particularly women and children.
Southeast Asia - Fri, November 1, 2024 | 4:29 pm GMT+7