The GELEX Group has recently announced an agreement on investment cooperation with Singapore’s Sembcorp Industries, which will acquire shares or contribute capital to GELEX’s operating power projects through its subsidiary.

GELEX’s operating power portfolio includes wind, solar, and hydro power plants with a total capacity of 245 MW. The parties will seek the necessary regulatory approvals and proceed with the necessary legal procedures to effect the transaction.

Along with the agreement, GELEX and Sembcorp also intend to cooperate in the development of new renewable energy projects, contributing to Vietnam’s energy transition and sustainable development.

“Unpacking the potential of Vietnam, Singapore, and especially both companies, Sembcorp and GELEX, is a critical part of our partner ecosystem strategy,” said Mr. Nguyen Trong Hien, Chairman of the Board of the Directors at GELEX. “This signing ceremony is the next milestone, following a joint venture with Frasers Property signed early this year, to gradually translate it into reality.”

By cooperating with Sembcorp, GELEX continues to realize its strategy of developing a partnership ecosystem with leading multinational corporations to expand markets and value chains for its core businesses.

Headquartered in Singapore, Sembcorp is a leading energy and integrated urban solution provider. This transaction is expected to increase its renewable energy portfolio in Vietnam, including wind, solar, and hydro power, to over 450 MW.

According to the GELEX Chairman, it expects that the combination of its reputation and domestic capacity and Sembcorp’s management strength and international experience will create great success, bringing benefits to both parties and contributing to Vietnam’s economic development.