Thailand’s BCPG to acquire wind power developer for $130 mln
BCPG Public Company Limited, a Thailand-based renewable energy company, will spend THB4,508 million ($129.6 million) to acquire EPVN W2 (HK) Co., Ltd., another Thai firm that’s involved in two wind power plants in Vietnam with a combined capacity of 99 MW.
In a Monday announcement, BCPG said the acquisition will be completed by the first quarter of 2025.
EPVN W2 (HK), a subsidiary of Thailand’s EP Group HK Co. Ltd., partly owns two 49.5 MW wind power plants in Vietnam’s Central Highlands province of Gia Lai – Che Bien Tay Nguyen (CBTN) and Phat Trien Mien Nui (PTMN) – with a combined annual generation capacity of 320 million kWh.
Phat Trien Mien Nui wind power plant in Gia Lai province, Vietnam's Central Highlands. Photo courtesy of Gia Lai newspaper.
As soon the transaction is complete, the two power plants can start commercial operations and generate cash flow, said BCPG president and CEO Niwat Adirek.
Construction of the two power plants, originally invested by Vietnamese firm Chu Prong Gia Lai Wind Power JSC., was kicked off in September 2020, targeting completion in 2021.
The Vietnamese firm sold 99.7% of its stake in the projects to EPVN W2 (HK) just a month after receiving the investment licenses.
In August 2024, the Government Inspectorate pointed out problems related to capital contribution progress, construction without blueprints and site clearance.
Both projects had missed earlier deadlines and extended them to December 2025.
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