Thailand’s Eastern Power invests over $16 mil. in 2 Vietnam wind farms

11, Aug. 2020

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BANGKOK, NNA - Thailand’s Eastern Power Group Public Co. will invest about $16.6 million in two wind power projects in Vietnam to expand its alternative energy business.

The deals with the shareholders of Chu Prong Gia Lai Wind Energy Joint Stock Co. will be carried out by its Hong Kong-based subsidiary, EPVN W2 (HK) Co., according to the company’s filing to the Stock Exchange of Thailand on Monday.

EPVN W2 (HK), which is wholly owned by EP Group (HK) Co., will fully acquire Phat Trien Mien Nui Wind Power Plant Project (Project MN) at more than $8.75 million from a group of four shareholders of Chu Prong Gia Lai Wind Energy.

The company will buy 90 percent of Che Bien Tay Nguyen Wind Power Plant Project (Project TN) at over $7.87 million from a separate group of three sellers. Nguyen Thi Ngoc Minh will hold the remaining 10 percent.

EP Group, a leading energy and utilities company in Thailand, is set to hold a total of more than four million registered shares when the transactions are expected to be fully completed in October, 2021.

Both wind power facilities will produce a capacity of 50,000 kilowatts each. The generated electricity from both will be sold to state-owned Electricity of Vietnam (EVN) under a 20-year agreement.

Earlier this year, EPVN W1 (HK) Co. acquired two Vietnam wind projects Huong Linh 3 and Huong Linh 4 with a total investment of nearly 2.4 billion baht ($77 million).

The Thai group profited 191.02 million baht from its electricity businesses during the first quarter of 2020, gained mainly from sales revenue of 343.58 million baht, according to its financial statement.