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.
