Vietnam
has opened up to foreign investors in a bid to meet the rising demand for
power.
The
World Bank’s International Finance Corporation (IFC) and the Singapore-based renewable energy private
equity fund Armstrong S.E. Clean Energy Fund have formed a partnership to
invest in Gia Lai Electricity JSC (GEC).
IFC
has acquired a 16 percent stake in the Ho ChiMinh City-based
power company while Armstrong has taken a 20 percent share.
The
move by IFC and Armstrong could spur further foreign interest in the country’s renewable energy sector.
Hydropower
is the world’s largest source of renewable energy and accounts for one-fifth of
the world’s electricity, according to statistics from IFC.
“As
shareholders, IFC and Armstrong will not only support the company in expanding
its core business in hydropower, but also help GEC become a leading company in Vietnam’s renewable
energy sector,” said chief executive Le An Khang.
“Their
investment is a vote of confidence in Vietnam’s hydropower sector potential and
should help attract more international investors,” he continued.
Vietnam’s
electricity consumption has grown twice as fast as the country’s economic
growth rate in recent years. The country’s power output is expected to grow at
an annual rate of 14 percent between 2015 and 2030.
Source:
Bao Vnexpress
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