Southeast Asian IPP Nexif Energy has announced it has taken a controlling interest in the 30MW Coc San hydropower project in Vietnam.
The company, formed with the backing of leading global energy-focused private equity firm Denham Capital, acquired the shares of two existing shareholders and has subscribed to additional equity shares, resulting in it holding a majority stake in project developer Viet Hydro Pte Ltd. InfraCo Asia Development Pte Ltd, a commercially managed infrastructure development company headquartered in Singapore, is also a shareholder of Viet Hydro and has retained its stake.
"Hydroelectric power is one of the most economical sources of electrical energy in Vietnam," said Surender Singh, a Founder and Co-Chief Executive Officer of Nexif Energy. "With its strong renewable hydro resources, liberalising power regulatory regime and stable political environment, Vietnam is a key investment destination and presents an attractive growth opportunity for 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 Hong (Red) River, about 300km northwest of Hanoi in Lao Cai province. The project is in an advanced stage of construction and expected to commence electricity generation by March 2016.
"Nexif Energy is pleased to invest in the Coc San project and become a part of Vietnam's rapidly growing economy. We are committed to our goal of becoming a leading regional independent power generation company and are currently reviewing other investment opportunities in the country as well as the Southeast Asia region that would build on this initial investment," added Matthew Bartley, a Founder and Co-Chief Executive Officer of Nexif Energy.
