Financial firms UOB Venture Management and Orix have both confirmed they are investing US$25 million each in Vietnamese hydropower owner and operator Bitexco Power.

Operating 18 hydropower plants in the country, Bitexco is expected to use the funding injection to expand its business in the renewable power industry.

"Hydropower is one of the most cost-efficient sources of electricity generation, and we believe Vietnam's growth will continue to drive the demand for renewable energy," said Mr Seah Kian Wee, managing director of UOB Venture Management, which manages about $1 billion of funds. "By investing in Bitexco Power, we hope to participate in the growth of the power sector and play a role in the country's economic transformation."

Orix corporate executive vice- president Yuichi Nishigori added that he believed  Bitexco Power is in the best position to benefit from the reforms of the electricity market in Vietnam.