A view of Coc San hydropower plant in Lao Cai province. Photo: enternews.vn
Nexif Energy, a Southeast Asian independent power producer headquartered in Singapore, has reached an agreement to subscribe additional equity in Viet Hydro Pte Ltd, international media reported.
Viet Hydro will use the proceeds to increase its holding in the Coc San project to 92%, Nexif Energy said in a statement, without disclosing financial terms of the investment.
InfraCo Asia Development Pte Ltd will retain its minority interest in Viet Hydro.
Nexif Energy was formed in August 2015 by Nexif and Denham Capital, an energy-focused private equity firm, to develop and acquire power generation assets across Southeast Asia and Australia.
Nexif Energy will make more investments in Vietnam
’s power sector, said Surender Singh, founder and co-CEO of Nexif Energy.
Coc San is a run-of-the-river 30 MW hydro power project located in the Dum River Valley, a tributary of the Red River, and became operation in June 2016. It was the first foreign-invested power project in Vietnam’s northern mountainous area.