Trung Nam Group's wind power arm lifts capital nearly 68-fold amid renewable push

Trung Nam Thuan Nam Wind Power JSC, a subsidiary of conglomerate Trung Nam Group, has raised its charter capital nearly 68-fold to VND685 billion ($26.38 million), signaling plans to scale up operations in Vietnam’s fast-growing renewable energy sector.

Recent corporate filings show the company increased its registered capital from VND10 billion ($385,060), a move seen as strengthening its financial capacity ahead of expanded electricity production, its core business.

Founded on May 16, 2022 and headquartered in the central province of Khanh Hoa, the firm is led by Nguyen Dang Nhan, who serves as director and legal representative.

It has a registered workforce of around 50 employees. Trung Nam Group held a 60% stake in the company, while Nguyen Dang Nhan and Dao Thi Minh Hue owned 25% and 15%, respectively.

The sharp capital hike after nearly four years of operations suggests the company is entering a new investment or project development phase.

Trung Nam Group operates across energy, infrastructure, construction, real estate, and industry, with power generation identified as its strategic focus. With charter capital of more than VND14.8 trillion ($569.89 million), the group owns nine power projects with total installed capacity of about 1,406 megawatts and annual output of nearly four billion kWh.

Flagship assets include the 450MW Trung Nam Thuan Nam solar power plant (Ninh Thuan province) generating roughly 1.2 billion kWh per year and the Ea Nam wind power project (Dak Lak province), with annual output of around 1.1 billion kWh, alongside several hydropower plants.

In the first half of 2024, Trung Nam Group reported net loss of VND113 billion ($4.35 million), significantly narrowing from over VND265 billion ($10.2 million) loss a year earlier. Retained earnings as of June 30, 2024 fell to about VND36 billion ($1.39 million), down from VND682 billion ($26.26 million).

The group’s debt-to-equity ratio stood at 2.58 times as of mid-2024, with total liabilities exceeding VND54 trillion ($2.08 billion).

Against a backdrop of rising electricity demand and Vietnam’s push toward cleaner energy, the substantial capital increase at Trung Nam Wind Power underscores preparations to expand the group’s renewable portfolio even as it continues to manage significant balance-sheet leverage.