Thailand’s Ratch Group Public Company Limited has acquired a 51% stake in the 29.7-MW Thanh Phong Wind Power Plant project in Vietnam’s Mekong Delta province of Ben Tre.
In a Monday release, Ratch said its indirect subsidiary RH International (Singapore) Corporation Pte. Ltd. has purchased shares of a business to invest in the wind power project. With the purchase, Ratch holds an indirect stake of 51% in the power project, also called Ecowin.
The project is operated by Vietnam-based Ecowin Energy Corporation, a joint venture 51% owned by Ratch. Commercial operation of the project began on September 29, 2023 Ratch added. The electricity production will be dispatched to state utility Vietnam Electricity (EVN) per a 20-year power purchase agreement (PPA).
Ecowin wind power plant is Ratch’s third renewable energy project in Vietnam, following Song Giang 2 and Coc San hydropower projects with a total capacity of 49.63 MW, according to Ratch.
The firm is progressing two more projects, namely Song Giang 1 hydropower and Ben Tre wind power, aiming for commercial operation in 2024 and 2025, respectively, said Ratch CEO Choosri Kietkajornkul.
Vietnam is a key destination in the firm’s strategic plan, thanks to its continuous economic growth and its power development plan (PDP) with ambitious goals on renewable energy, the executive added. “The company foresees a sound investment opportunity on renewable energy expansion in Vietnam market.”
Currently, Ratch’s renewable energy portfolio reaches 2,933 MW, or 27% of its energy portfolio. The renewable energy operation includes 669.1 MW in Laos, 549.8 MW in the Philippines, 123.1 in Indonesia, 114.78 MW in Vietnam, 94.8 MW in Thailand, and 2.1 MW in Japan.