Aboitiz Power Corp. announced on Thursday its decision to invest $220 million to acquire 25 percent interest in a Vietnamese firm that operates a 1,320-megawatt (MW) coal-fired power facility.
The equity stake in Van Phong Power Co. Limited (VPCL) would be purchased from Sumitomo Corporation.
‘This marks a pivotal moment in AboitizPower’s history as it represents the company’s first significant investment outside of the Philippines,’ the company said in a statement.
According to Aboitiz Power, the power plant has an existing 25-year power purchase deal with Vietnam’s national utility, Vietnam Electricity.