Japan’s leasing firm Orix will invest in Vietnam’s Bitexco Power in mid-September as it seeks to tap growing electricity demand in the Southeast Asian country, Nikkei Asian Review reported Thursday.
The Japanese company will take an over 10 percent joint stake in Bitexco with Singapore’s United Overseas Bank in a deal expected to be worth tens of millions of dollars, the website said.
In addition to gaining representation on the Vietnamese company’s board, the partners will offer advice on business operations, it said.
Vietnam is on course to have an installed capacity of 75,000 MW by 2020, 46.8 percent of it from coal plants, 24 percent from gas plants and 19.6 percent from hydropower plants.
Renewables will make up 4.5 percent and nuclear power plants, 2.1 percent.
Bitexco has invested in 11 hydropower plants in Vietnam that have a combined generation capacity of nearly 700 megawatts, according to the company’s website.