Nexif Energy has taken a 94% stake in Song Giang Hydropower JSC, owner of two run-of-river hydropower projects in cascade with a total capacity of 49MW in the Khanh Hoa province of Vietnam.
The two projects are the 37MW Song Giang 2, which has been operating since December 2014, and the 12MW Song Giang 1, which is currently under construction with completion expected in mid 2021. The latter project is expected to directly create 250 jobs during the construction and sustain 50 jobs during operation.
“This acquisition will significantly add to Nexif Energy’s portfolio of renewable energy project in Vietnam and represents a step forward towards our vision of delivering clean, reliable power to the Country and the region,” commented Nexif Founder and Co-Chief Executive Officer, Surender Singh. “Today’s announcement builds on our presence in Vietnam with Coc San Hydropower project in Lao Cai province and the wind energy projects in Ben Tre and Soc Trang provinces currently in the development stage. It will also add to our projects in Thailand and Philippine in Asia and rapidly expanding portfolio in Australia”“
“Nexif Energy welcomes the opportunity to develop this project and contribute to Vietnam’s rapidly growing renewable energy sector. This is an important step forward in achieving Nexif Energy’s objective of establishing itself as a leading power generation developer and investor in Asia and Australia. We look forward to acquiring and developing more projects in Vietnam and rest of our target markets” added Matthew Bartley, Founder and Co-Chief Executive Officer of Nexif Energy.
Electricity demand in Vietnam is growing 10-12% annually, creating opportunities for investment in electricity generation, transmission and distribution infrastructure. To attract investment to meet the growing need for power, Vietnam has created a favourable regulatory environment for investment in renewable energy projects and currently in the process of establishing a competitive electricity market.
