Chubu Electric Power has completed the acquisition of a 20% stake in Vietnamese renewables company Bitexco Power Corporation (BPC). The shares were acquired by wholly owned subsidiary Chubu Electric Power Company Netherlands BV, via a share subscription agreement with BPC, and a share purchase agreement with existing shareholders Orix Corporation and United Overseas Bank.

“With the anticipated continuing expansion of renewable energy in Vietnam, by becoming a vital partner of BPC we will contribute to the realization of a carbon-neutral society,” says Hiroki Sato, executive officer, corporate planning & strategy division, at Chubu Electric. He says the company will continue to develop its overseas business to enhance the resilience of its business plan and contribute to global decarbonization.

Nagoya-based Chubu Electric announced a shareholders’ agreement with BPC and Bitexco Investment Corporation, the majority shareholder of BPC, in late September. BPC is a subsidiary of the Bitexco Group of Companies, is involved in real estate, energy, commercial services, infrastructure, telecommunications, and oil and gas exploration businesses in Vietnam.

BPC owns and operates 21 hydropower plants and one solar power plant in Vietnam, with a total gross generation capacity of about 1,038 megawatts, as of February 2021. This capacity makes it one of the leading private-sector renewable energy companies focused on hydroelectric and solar PV generation in the country.