Nexif Ratch Energy Investments Pte. Ltd. has successfully completed the acquisition of the 30 MW Minh Luong run-of-river hydro power plant with peak-hour storage in Lao Cai province, Vietnam. The acquisition aligns with Nexif Ratch Energy's commitment to growth in renewables, contributing to the company's portfolio and generating stable income through a long-term Power Purchase Agreement (PPA).
Developed and constructed by Nam Tien Group, the Minh Luong hydro plant has been operational since April 2018, with its electricity generation purchased by a subsidiary of state-owned electricity company EVN under a 20-year PPA.
Matthew Bartley, Director and interim CEO of Nexif Ratch Energy, expressed confidence in the acquisition's potential, stating, “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.”
Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, highlighted the significance of this acquisition as the company's first project under its platform. He stated, “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 the Philippines. We are anticipating two additional projects to come into operation or commence construction in early 2024.”
Surender Singh, Chairman of Nexif Ratch Energy, emphasized the company's commitment to expanding its renewable energy presence in the Vietnamese market. He 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 the coming years.”