Japan-based JERA, a joint venture (JV) company between Tokyo Electric Power and Chubu Electric Power, has acquired a 35.1 per cent stake in Vietnam-based Gia Lai Electricity JSC (GEC), a renewable energy firm.
The transaction is valued at USD112 million. The move is expected to further JERA’s decarbonisation efforts as well as boost its clean energy production. Under the deal to be completed by October or November 2022, JERA will buy about 14 per cent stake in GEC from International Finance Corporation and about 21 per cent from Armstrong Asset Management Pte. The acquisition of GEC’s power facilities will increase JERA’s total renewable energy capacity to 1,900 MW.