Shikoku Electric Power Company buys 15% stake in the Hà Tĩnh-based Vũng Áng 2 for 10 billion yen (US$87 million). It is a coal-fired power plant project in Vietnam.
Shikoku Electric Power Company is the Japanese electric provider for the 4 prefectures of the Shikoku island in Japan with few exceptions.
According to reports Shikoku Electric paid around 10-20 billion yen to Mitsubishi Corp for buying the stake. Mitsubishi now holds a 25% stake in the project and another company named Chugoku Electric Power Co Inc, owns a 20% stake.
“We understand there are various opinions about the project, but we have decided to join it as the 1.2 gigawatts project is expected to contribute to the stable supply of electricity and economic development in Việt Nam,” Shikoku Electric spokesperson said.
Shikoku Electric plans to expand its operations worldwide to boost growth. The company aims to support the plant’s operation from its domestic power business.