Chubu Electric Power Co., Inc. Completes Acquisition of Shares in Major Vietnamese Private Renewable Power Company Bitexco Power Corporation
November 17, 2021
Chubu Electric Power Co.,Inc.
Chubu Electric Power Co., Inc. (hereinafter “Chubu” or “we”) entered into a Share Purchase Agreement (“SPA”) with certain existing shareholders who are selling their shares in Bitexco Power Corporation (hereinafter “BPC”) and a Share Subscription Agreement with BPC. Furthermore, Chubu entered a Shareholders’ Agreement with BPC and Bitexco Investment Corporation (the majority shareholder of BPC) (as announced on September 28).
Chubu completed the acquisition procedures, namely a regulatory approval, and today has officially acquired 20% shares of BPC through Chubu Electric Power Company Netherlands B.V., a wholly owned subsidiary by Chubu.
BPC is a subsidiary of the Bitexco Group of Companies (hereinafter “Bitexco Group”). Bitexco Group develops real estate, energy, commercial services and infrastructure, telecommunication, oil and gas exploration businesses in Vietnam. BPC owns and operates 21 hydropower plants and one solar power plant in Vietnam, with a total gross generation capacity of about 1,038 MW (as of February 2021). This capacity makes BPC a leading renewable energy company focused on hydroelectric and solar PV generation in the Vietnam private sector.
“With the anticipated continuing expansion of renewable energy in Vietnam, by becoming a vital partner of BPC we will contribute to the realization of a carbon-neutral society.” said Hiroki Sato, Executive Officer, Corporate Planning & Strategy Division.
We will continue to develop our overseas business to enhance the resilience of our continuing business plan and contribute to global de-carbonization.