Jero supplies electricity, gas, and heat, as well as conducts the development, mining, processing, trading, and transportation of energy resources.
Dang Van Thanh, chairman of TTC Group, has confirmed that Jera had bought a 35.09 per cent stake in Gia Lai Electricity JSC, a listed entity under TTC Group.
Jera paid an unknown sum to International Finance Corporation (under the World Bank Group) and Armstrong Asset Management of Singapore for the majority ownership in Gia Lai Electricity, making it the biggest foreign shareholder in the firm, cited Bloomberg .
Accordingly, TTC Group and its subsidiary Gia Lai Electricity plan to invest $1 billion to further boost its renewables capacity to more than 2,000 MWG. Meanwhile, Jera is expected to provide international expertise and technology to aid in this endeavour. Moreover, it is projected that by the year 2025, wind power will account for almost two-thirds of that mix, up from the current 25 per cent.
TTC Group said it and Gia Lai Electricity shareholders will finance 30 per cent of the planned $1 billion investment. For the remaining 70 per cent, TTC Group plans to deploy a variety of financial tools, including funding from contractors, according to Bloomberg .
The chairman of TTC Group also revealed that the organisation is also showing interest in delving into liquefied natural gas (LNG) with Jera, an area where the Japanese firm is a significant leader.
Besides TTC Group, Jera also inked a collaboration agreement in May with Vietnam's Sovico Group, the parent holding firm of Vietjet and HDBank, to explore the potential for Jera to provide LNG power in this market.
Since 1999, when it initially took part in the Phu My 2-2 gas-fired thermal power plant project, Jera has maintained a presence in Vietnam's market.
Through the development of LNG power projects as well as renewable energy and hydrogen/ammonia power projects, Jera targets to aid Vietnam's robust expansion of its power infrastructure.
By Luu Huong
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