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AboitizPower to acquire 25% stake in Vietnam power plant
Aboitiz Power Corporation (AboitizPower) is set to acquire a 25% equity stake in Vietnam's Van Phong Power Co. Ltd. (VPCL) from Sumitomo Corporation for $220 million.
VPCL owns and operates a 1,320-megawatt high-efficiency, low-emission coal-fired power plant in Khánh Hòa Province, Vietnam.
This investment signifies AboitizPower's first major venture outside the Philippines.
The Van Phong 1 power plant, which commenced commercial operations in January 2024, has a 25-year power purchase agreement with Vietnam Electricity (EVN).
It supplies approximately 8.5 billion kilowatt-hours annually, accounting for about 4% of Vietnam's total power generation.
The transaction's completion is contingent upon customary closing conditions, including regulatory approvals.
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