Nexif Ratch completes acquisition of operating hydro plant in Lao Cai province, Vietnam
HONG KONG SAR
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January 01, 2024 10:53 PM Eastern Standard Time
HONG KONG SAR - Media OutReach Newswire - 2 January 2024 - Nexif Ratch Energy Investments Pte. Ltd. ("Nexif Ratch Energy") is pleased to announce its successful acquisition of the 30 MW Minh Luong run-of-river hydro power plant with peak hour storage located in Lao Cai province, Vietnam. The acquisition contributes to strengthening the Nexif Ratch Energy portfolio's growth path in renewables and will create a stable and recurring income through a long term PPA.
The plant, developed and constructed by the seller - Nam Tien Group, has been commercially operating since April 2018 with its electricity generation purchased by a subsidiary of state-owned electricity company EVN through a 20-year Power Purchase Agreement.
Mr. Matthew Bartley, Director and interim CEO of Nexif Ratch Energy, said: "The acquisition of the Minh Luong hydro plant further expands Nexif Ratch Energy's operating portfolio in Vietnam. It builds upon our historically successful track record in small hydro in Vietnam and supplements our existing two operating/under-construction Song Giang hydro projects. With our expertise in hydro operations, we are confident in optimizing this asset to create a robust income stream for Nexif Ratch Energy."
Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, added: "We are excited to achieve the first acquisition of a project under the Nexif Ratch Energy platform. This marks another success in 2023 after our recent achievement of financial close and construction commencement of a 74 MWp solar farm in Philippines. We are anticipating two additional projects to come into operation or commence construction in early 2024."
Mr. Surender Singh, Chairman of Nexif Ratch Energy, stated: "This acquisition showcases our commitment to expanding our renewable energy presence in the vibrant Vietnamese market. As we continue to strengthen our portfolio, we remain focused on leveraging our hydro operation expertise to maximize the potential of this asset. We look forward to furthering our impact in the region and achieving additional milestones in coming years."
About Nexif Ratch Energy
Nexif Ratch Energy, a joint venture company owned 51% by Nexif Energy of Singapore and 49% by Ratch Group of Thailand, headquartered in Singapore with country offices presently in Australia, Philippines, Vietnam and Thailand. It has a portfolio of over 3,900 MW under ownership and management across Southeast Asia and Australia. The new platform is set for fast growth benefitting from Nexif Energy's and Ratch's proven power expertise and track record as it converts the pipeline and adds new projects.
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