Thai energy group Gulf Energy Development has spent more than VND 1 trillion to buy nearly 100% of the shares of two solar power projects TTC-01, TTC-02 and Ben Tre’s energy project of Thanh Thanh Cong .
TTC-01 solar power plant has an installed capacity of nearly 69MW, total investment of about 65 million USD.
Gulf Energy Development, Thailand’s leading energy group, recently announced it will increase its stake in TTC-01 Solar Power Plant of Thanh Thanh Cong Group to 90%. The value of the transaction has not been disclosed and the transfer of shares is expected to be completed by the end of this year. Earlier, in early April last year, the Thai group spent about 366 billion dong to hold 49% of this project. TTC-01 solar power plant is located in Tay Ninh province, has an installed capacity of nearly 69 MW, total investment of about 65 million USD and has operated commercially in early March 2019. This is Thanh Thanh Cong’s third project acquired by Gulf Energy Development and holds nearly 100% of the shares. In February, this group raised the share rate in the solar power plant TTC-02 to 90% by a transaction worth VND 256 billion. Earlier, 49% of the project was owned by Gulf Energy Development in May last year for VND 275 billion. The solar power plant TTC-02 is also located in Tay Ninh with an installed capacity of about 50MW with a total investment of about 50 million USD. This factory went into commercial operation in the second half of April.
This is one of Thanh Thanh Cong’s largest projects with a total installed capacity of 340MW, of which wind energy accounts for 310MW and solar energy accounts for 30MW. Investment value is estimated at 650 million USD. The 30MW solar plant is expected to operate commercially next year while wind power will operate in three phases and end in 2023. Thanh Thanh Cong is currently one of the largest developers of solar and wind power projects in Vietnam with a list of dozens of projects. Since 2017, the group’s leader has revealed its first target of $ 1 billion in this area, with a total capacity of about 1,000 MW. In addition, Thanh Thanh Cong Group also operates dozens of small hydropower plants and copper-based thermal power plants. Thai investors are marking the rush of solar power in Vietnam with the acquisition of shares of many large-scale projects. In addition to Gulf Energy Development, B.rimm Power also owns projects in Tay Ninh and Phu Yen.
Specifically, last year B.rimm Power spent about US $ 34 million to buy a 55% stake in Dau Tieng Tay Ninh Energy Joint Stock Company. The company owns the largest solar power project in Southeast Asia, with a capacity of 420 MW. A few months later, B.rimm continued to sign an agreement to buy 80% stake in TTP Phu Yen Joint Stock Company, the investor of a 257 MW solar power plant project in Phu Yen. The amount of money B.Grimm spent to buy shares of TTP Phu Yen was 32.5 million USD Another Thai company, Sermsang International, bought 80% of the Binh Nguyen solar power project, which is nearly 50MW in Quang Ngai with a value of US $ 17.6 million.