Acquisitions in Vietnam energy industry offer investment opportunities
Acquisitions have become an increasingly popular option for energy developers to catch opportunities in Vietnam's fast-expanding economy.

Runners near a wind farm in Quang Binh province, central Vietnam. Photo courtesy of Quang Binh newspaper.
Thailand’s WHA Utilities and Power (WHAUP) is planning to acquire new wind and solar power generation facilities with a capacity of 50-100 megawatts in Vietnam to benefit from growing energy demand, according to a Bangkok Post report on Tuesday.
"Most of the new capacity in PDP VIII will come from wind power. We will not lose this business opportunity," Somkiat Masunthasuwun, CEO of WHAUP, told the Thai newspaper. Masunthasuwun did not elaborate on the asset acquisition plan, just disclosing that the deals are expected to be concluded by the end of this year. He did not give the sellers’ names.
Masunthasuwun told the Bangkok Post that the new assets would allow his firm to expand its business in Vietnam under the PDP VIII. “WHAUP's businesses in Vietnam and Thailand should play a key role in racking up revenue for us,” he said.
The company is allocating 18.5 billion baht ($532.3 million) to support its power and water businesses between 2023 and 2027, according to its growth plans.
Sao Mai Solar Company, a subsidiary of Sao Mai Group in southern Vietnam’s An Giang Province, has signed a share purchase agreement with Singapore-headquartered TotalEnergies ENEOS for the sale of its 3.4 megawatt-peak (MWp) rooftop solar system portfolio, the latter announced on Monday.
The two parties also signed a memorandum of understanding to further develop renewables together, starting with the development of additional rooftop solar systems for Sao Mai Group's production units.
The company is a 50/50 joint venture between TotalEnergies of France and ENEOS of Japan to develop onsite business-to-business solar power across Asia.
In June last year, EDP Renovaveis, S.A., a top renewable energy firm in Spain, reached an agreement worth $284 million with Xuan Thien Group, a main power developer in Vietnam, to acquire two solar power projects in Ninh Thuan province which borders Binh Thuan. The two projects, totaling 200 MW, alternating current (MWAC), or 255 MW, direct current (MWDC), were put into commercial operation in April 2020.
French renewable energy giant EDF Renewables announced in October 2021 it had made a significant investment in SkyX Energy, a subsidiary of Vietnamese leading investment company VinaCapital and the operator of rooftop solar power plant SkyX Solar.
EDF did not disclose how much it invested, just saying that it assisted with the new partnership, and that SkyX Solar was expected to invest at least $100 million in developing 200 more MW of rooftop solar within the following two to three years.
In December 2021, the 50 MW Phong Dien II solar power plant commercially switched on in the central province of Thua Thien-Hue after it was just bought by Thai energy firm Gunkul Engineering Plc for $39.9 million. The Stock Exchange of Thailand-listed companies said the transaction was completed late in November.
The full take-over included the purchase of 49% of shares from Bangjak Green Energy Co, a subsidiary unit of Bangkok-based BS Industry Service Co, and 51% of shares from two individual Vietnamese shareholders.
The acquisition was part of Gunkul Engineering’s plans to expand in Southeast Asian renewables, which the company said have low risk and high growth potential. Toward the end, it went on to buy the Tan Chau solar plant in southern Vietnam’s Tay Ninh province bordering Cambodia for a reported $47 million, its fourth such acquisition in a row in 2020 alone. The plant began operations in October of that year.
In the same province, which also borders Ho Chi Minh City, two solar power plants with a combined power generation of 60 MW were bought in February 2020 by Gunkul Engineering at a total price of $60.6 million. Tri Viet 1 and Bach Khoa A Chau 1, each with a capacity of 30 MW, commercially started operation in May 2019.
Gulf Energy Development, another Thai firm, increased its ownership in two solar farms TTC 1 and 2 in the province from 49% in 2019 to 90%. The deals were made with its Vietnamese partner Thanh Thanh Cong Group, whose ecosystem also includes industrial and tourism real estate, as well as agriculture.
Other Thai companies with merger and acquisition deals to invest in the Vietnamese power sector include B. Grimm, BC Container Glass, and Begistics.
Vietnam has high demand for electricity to support its fast-expanding economy as a new global production hub. The Southeast Asian country is already home to production facilities of global giants like Samsung, LG, Intel, Foxconn, Goertek, Amkor Technology, Panasonic, Canon, Pegatron, Luxshare, and Wistron, while other multinationals have plans to migrate to Vietnam.
On May 15, the government issued PDP VIII, the country’s latest power development plan. Central to the plan is the extensive development of renewable energy sources for electricity production. Renewable energy sources, including hydropower, solar power, wind, and biomass, are projected to experience a near twofold increase, accounting for about 50% of energy capacity by 2030.
The European Chamber of Commerce in Vietnam (EuroCham) said in a release that PDP VIII marks a milestone for sustainable energy development and increased international investment in the country.
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