Nexif Ratch Energy from Singapore has announced the successful acquisition of the 30 MW Minh Luong run-of-river hydro power plant with peak hour storage in northern Lao Cai province.
Developed and built by the seller, the Nam Tien Group, the plant has been commercially operating since April 2018 with electricity purchased by a subsidiary of the State-owned Electricity of Vietnam (EVN) through a 20-year power purchase agreement (PPA).
Mr. Matthew Bartley, Director and interim CEO of Nexif Ratch Energy, said the acquisition further expands its operating portfolio in Vietnam. It builds upon its historically successful track record in small hydro in Vietnam and supplements its 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,” he added.
“We are excited to achieve the first acquisition of a project under the Nexif Ratch Energy platform,” said Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy. “This marks another success in 2023 after our recent achievement of financial close and construction commencement of a 74 MWp solar farm in Philippines. We are anticipating two additional projects to come into operation or commence construction in early 2024.”
Nexif Ratch, with Singapore’s Nexif Energy and Thailand’s Ratch Group its two stakeholders, operates in Australia, the Philippines, Vietnam, and Thailand. Prior to this latest acquisition, its Vietnam portfolio included seven projects.
Mr. Surender Singh, Chairman of Nexif Ratch Energy, noted that the acquisition showcases the company’s commitment to expanding its 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,” he said. “We look forward to furthering our impact in the region and achieving additional milestones in the coming years.”
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