InfraCo Asia divests 36.4% stake in Vietnamese hydel project to TEPCO

Singapore-based InfraCo Asia, an infrastructure development and investment company of the Private Infrastructure Development Group, has exited its 36.4 per cent interest in Viet Hydro to Tokyo Electric Power (TEPCO).

VietHydro is the majority shareholder of Lao Cai Renewable Energy, which owns and operates the $44.5 million Coc San Hydro Power project. It was the first foreign direct investment in hydro power in Vietnam’s northern mountainous province of Lao Cai. Now it has become TEPCO’s first overseas hydropower investment.

InfraCo Asia came on board when Coc San was a distressed asset and invested in the development and
construction of the plant, which was successfully brought into operation in April 2016, the Singapore firm said in a statement.

Exiting the Coc San project supported the success of InfraCo Asia’s business model and allowed funds to be recycled into future infrastructure projects in South and Southeast Asia’s frontier markets, it added.

The plant generates over 120GWh per year of clean energy and has been implemented to stringent international standards.

InfraCo Asia CEO, Allard Nooy, said: “Selling our stake in the Coc San project allows InfraCo Asia to further catalyse infrastructure development in our mandated countries. By identifying and mitigating risks early on, we attracted private sector investment to a project that was once considered too risky. Importantly, Coc San facilitates a more reliable power supply for local communities, opening the door for new economic opportunities.”

InfraCo Asia’s first complete exit from a utility-scale renewable energy project occurred in September 2017, when it divested its stake in the Pakistan Metro and Gul Ahmed wind power projects.

Coc San is supported by a 20-year power purchase agreement with Northern Power Corporation, a power distributing subsidiary of state-owned Vietnam Electricity.

TEPCO aims to develop a total capacity of two to three million kilowatts of hydropower through pursuing the development of hydropower overseas and offshore wind power both in Japan and overseas, it said in a separate statement.

The Japanese company said it will continue exploring opportunities to participate in other hydropower projects, mainly in Southeast Asia.

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.

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

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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.