Japan's Shikoku Electric buys 15 per cent equity in coal power plant project in Hà Tĩnh

December 28, 2021 - 08:08

Japan's Shikoku Electric Power Company has paid more than 10 billion yen (US$87 million) to buy a 15 per cent stake in the Hà Tĩnh-based Vũng Áng 2 coal-fired power plant project in Việt Nam.

Vũng Áng 2 thermal power plant in the central province of Hà Tĩnh. — Photo pvpower.vn

HÀ NỘI — Japan's Shikoku Electric Power Company has paid more than 10 billion yen (US$87 million) to buy a 15 per cent stake in the Hà Tĩnh-based Vũng Áng 2 coal-fired power plant project in Việt Nam.

Reuters reported Shikoku paid between 10 billion and 20 billion yen to the Japanese trading house Mitsubishi Corp to buy the stake.

"We understand there are various opinions about the project, but we have decided to join it as the 1.2 gigawatts project is expected to contribute to the stable supply of electricity and economic development in Việt Nam," the Shikoku Electric spokesperson said.

The move is part of Shikoku Electric's efforts to expand overseas operations to boost growth. It aims to support the operation of the plant with the know-how derived from its domestic power business, the company said.

After the deal, Mitsubishi holds a 25 per cent stake in the project while another Japanese utility, Chugoku Electric Power Co Inc, owns a 20 per cent stake. — VNS

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