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Japan's JERA to buy 35% stake in Vietnam renewables operator

Companies will consider joint solar, wind projects in $112m deal

JERA's stake in GEC will give the Japanese company a further 190 megawatts of renewable power generating capacity, bringing its total to 1,900 MW. (Source photos from screenshots of JERA and GEC websites) 

TOKYO -- Japanese power utility JERA said on Tuesday it will invest 15 billion yen ($112 million) in Vietnamese renewable energy company Gia Lai Electricity (GEC) to tap the Southeast Asian nation's growing demand for electricity and further its own decarbonization efforts.

JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power, has signed an agreement to buy a 35.1% stake in the Ho Chi Minh City-listed company from existing shareholders. GEC owns hydro, solar and wind power plants with a total generating capacity of about 600 megawatts. It aims to expand this to 1,700 MW by 2025, according to JERA.

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