The Japanese utility, Chubu Electric Power Co., Inc. plans to invest in Vietnam’s Bitexco Power Corporation (BPC) to become a 20 per cent equity stakeholder in the company.
Chubu Electric participated in a bid for a partial share acquisition of BPC, under which it entered into a share purchase agreement with existing shareholders selling their shares in BPC and a share subscription agreement with BPC. This marks Chubu Electric’s first investment in Vietnam. Tapping into the growth of Vietnam’s electricity market is in line with Chubu Electric’s vision to expand its overseas business while contributing to decarbonisation goals. Recently, the company’s joint venture with Tokyo Electric Power Company Holdings Inc, JERA, announced an investment of USD1.58 billion in Aboitiz Power Corporation in the Philippines in return for a 27 per cent stake. In 2020, Chubu Electric along with Mitsubishi Corporation also acquired the Dutch energy firm Eneco, valued at USD4.8 billion.