AboitizPower goes global with acquisition of Vietnam wind facility

ABS-CBN News

Posted at Aug 23 2019 03:35 PM

The Dam Nai Wind facility, located in Ninh Thuan Province, Southern Vietnam, is among the first successful wind power projects in the country. Handout

MANILA - AboitizPower Corp on Friday said it ventured into the international renewable energy space after its unit acquired a $46 million (P2.5 billion) wind power project in Vietnam.

Aboitiz International Pte Ltd acquired 100 percent of Mekong Wind Pte Ltd from Armstrong Southeast Asia Clean Energy Fund Pte Ltd that owned Dam Nai Wind Power JSC and its wind facility in Ninh Thuan Province in Southern Vietnam, the company told the stock exchange.

“We are excited for this opportunity not only to expand beyond the Philippines but to also bring our experience in the power generation sector, especially in the renewable energy space, to Vietnam," AboitizPower chief operating officer Emmanuel Rubio said.

AboitizPower with its partners generate some 1,200 MW of renewable energy from its hydro, geothermal and solar plants. It planned to reach 4,000 MW capacity by 2020.

-- with a report from Michelle Ong, ABS-CBN News