Nexif Ratch Energy, a Singapore-based clean energy developer, has completed the acquisition of the 30-MW Minh Luong hydropower plant in Vietnam’s northern province of Lao Cai.
In a Tuesday statement, Nexif Ratch said the acquisition would contribute to strengthening its portfolio of renewable energy towards a stable and recurring income via a long-term power purchase agreement (PPA).
The power factory, developed and built by Vietnamese firm Nam Tien Group, has been running commercial operations since April 2018 with a 20-year PPA, according to Nexif Ratch.
"The acquisition of the Minh Luong hydro plant further expands Nexif Ratch Energy's operating portfolio in Vietnam,” said Nexif Ratch Energy director and interim CEO Matthew Bartley.
“It builds upon our historically successful track record in small hydro in Vietnam and supplements our existing two operating/under-construction Song Giang hydro projects,” the executive added.
Nexif Ratch, with Singapore’s Nexif Energy and Thailand’s Ratch Group as two stakeholders, operates in Australia, the Philippines, Vietnam, and Thailand. Prior to the latest acquisition, its Vietnam portfolio included seven projects.
The 37-MW Song Giang 2 hydropower in the central province of Khanh Hoa is the only one in operation. The firm is developing one hydropower, two solar, and three wind power projects.