Japan’s Chubu Electric to buy 20% in Vietnamese renewable energy firm Bitexco

Japanese utility Chubu Electric Power Co Inc said on Tuesday it will buy a 20% stake in Vietnamese renewable energy firm Bitexco Power Corp for an undisclosed sum, to gain a foothold in the growing market and expand its portfolio of green energy.

The move comes a day after its joint venture with Tokyo Electric Power Company Holdings Inc, JERA, said it will invest $1.58 billion to take a 27% stake in Aboitiz Power Corp in the Philippines to boost its presence in the country where power demand is growing.

“Our goal is to expand our overseas business by tapping into the growth of Vietnam’s electricity market while contributing to the decarbonisation of Vietnam,” Akihide Ito, general manager at Chubu Electric, told a news conference.

Bitexco is a leading renewable energy company in Vietnam focused on hydropower and solar, operating 21 hydropower stations and one solar power plant, with a generation capacity of about 798 megawatts (MW), Chubu said.

The Japanese utility aims to help improve the operating efficiency of Bitexco’s hydropower stations and support the Vietnamese company’s plans to expand solar capacity and develop onshore wind farms.

Under the deal, Chubu will purchase the stake from Japan’s Orix Corp and Singapore’s United Overseas Bank , and will buy new shares to be issued by Bitexco, Ito said.

Japanese trading house Mitsubishi Corp and Chubu bought Eneco last year in a deal valuing the Dutch energy firm at 4.1 billion euros ($4.8 billion).

“We will continue to expand our overseas business, mainly in Europe and Asia,” Ito said.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.