Nexif Ratch Energy Investments Pte. Ltd. is thrilled to confirm the successful acquisition of the Minh Luong run-of-river hydro power plant, boasting 30 MW capacity and peak hour storage, situated in Vietnam’s Lao Cai province. This strategic acquisition reinforces our commitment to bolstering renewable energy within the Nexif Ratch Energy portfolio, ensuring a steady, sustainable income through a long-term Power Purchase Agreement (PPA).
The plant, originally developed and constructed by Nam Tien Group, has been operational since April 2018, selling its generated electricity to a subsidiary of EVN, the state-owned electricity company, under a 20-year PPA.
Mr. Matthew Bartley, serving as Director and interim CEO of Nexif Ratch Energy, highlighted, “The addition of the Minh Luong hydro plant significantly broadens our operational foothold in Vietnam. This complements our successful endeavors in small hydro projects in the region, enhancing our existing ventures like the Song Giang hydro projects. Leveraging our hydro expertise, we’re poised to optimize this asset for sustained income within Nexif Ratch Energy.”
Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, expressed enthusiasm: “Securing this project marks a significant milestone for Nexif Ratch Energy. It follows our recent success with the financial closure and commencement of construction for a 74 MWp solar farm in the Philippines in 2023. Anticipating the launch or initiation of two more projects by early 2024 reflects our continued growth trajectory.”
Mr. Surender Singh, Chairman of Nexif Ratch Energy, emphasized, “This acquisition underscores our dedication to expanding renewable energy presence in Vietnam’s dynamic market. With a focus on harnessing our hydro operation expertise, we’re committed to unlocking the full potential of this asset. We eagerly anticipate further regional impact and achieving more milestones in the years ahead.”