AES - America's leading energy corporation - "finalized" the sale of 51% of its ownership stake in Mong Duong 2 Thermal Power Plant to a partner from the Czech Republic.
The transfer amount of this deal was not disclosed. According to the announcement of AES on November 30, the divestment of capital from Mong Duong 2 Thermal Power Plant ( Quang Ninh ) is a step to realize the low emission target that this "giant" pursues.
This transfer deal will be completed in 2025, after being approved by the Ministry of Industry and Trade and the Government.
Juan Ignacio Rubiolo, Executive Vice President of AES, said the group values its strong business relationship with Vietnam, where it is a strategic partner providing reliable power while supporting Vietnam's long-term energy transition goals.
Meanwhile, Se.ven Global Investments - a large enterprise in the field of developing and operating power plants and mining in the Czech Republic, said that the acquisition of shares in Mong Duong 2 is part of its plan to enter the Asian market.
Mong Duong 2 Thermal Power Plant has a capacity of 1,242 MW, with a total investment of 2 billion USD, is the first coal-fired BOT project in Vietnam. This project has been in operation since 2015, with 3 major shareholders, including AES (51% of shares), Posco Energy (Korea) and China Investment Corporation (CIC) holding 30% and 19% respectively.
The power purchase agreement (PPA) signed with EVN is valid for 25 years. The plant will be transferred to the Vietnamese Government after 25 years of operation.
Despite withdrawing from coal power, AES said it continues to invest in gas power in Vietnam, with two projects in cooperation with a subsidiary of PVN, including the $1.3 billion Son My LNG Terminal project and the 2,250 MW Son My gas power plant in Binh Thuan. These projects were approved by Binh Thuan province in July this year.
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