Nexif Energy, a Southeast Asian independent power producer, announced today that it has entered into an agreement to subscribe additional equity in Viet Hydro Pte Ltd. The proceeds will be used by Viet Hydro to further consolidate its holdings in the Coc San project.
“Nexif Energy is pleased to increase its commitment to the Coc San project, which recently completed construction and commenced operation,” said Surender Singh, Founder and Co-Chief Executive Officer of Nexif Energy. “We also look forward to making more investments in Vietnam’s power sector.”
Coc San is a run-of-the-river 30 megawatt hydro power project located in the Dum River Valley, a tributary of the Hong (Red) River. It is approximately 300 kilometres northwest of Hanoi in the Lao Cai province.
“The Coc San project is regarded as a model hydro project for environmental and social compliance by multilateral organizations, local government and communities, and Viet Hydro is thankful for the cooperation extended by the government, employees and contractors that resulted in the successful implementation of the project,” said Srinivas Rao, Chairman of Viet Hydro and Executive Vice President, Projects and Operation of Nexif Energy.
Nexif Energy will subscribe to additional shares in Viet Hydro. Viet Hydro will use the proceeds to acquire the remaining holdings in the project of Colben Energy Holdings (Vietnam) Limited, and HVD Construction and Investment Consultant JSC, which will increase Viet Hydro’s shareholding in the project to 92 percent. InfraCo Asia Development Pte Ltd will retain its minority interest in Viet Hydro.
“Vietnam is a key target market for Nexif Energy. Further investment into Coc San is a testament of our commitment to the country. We aim to become a leading independent power generation company in Vietnam and are currently evaluating a number of additional promising investment opportunities there,” added Enamul Latifi, EVP of Business Development, Nexif Energy.