The projects include 37MW Song Giang 2 hydropower plant and 12MW Song Giang 1 hydropower plant
Nexif Energy has completed the acquisition of 94% stake in Song Giang Hydropower JSC for an undisclosed amount.
Song Giang Hydropower owns two run-of-river hydroelectricity projects form a cascade on the same river totalling 49MW in the Khanh Hoa province of Vietnam.
The projects include Song Giang 2 hydropower plant with a capacity of 37MW, which has been operating since December 2014 and 12MW Song Giang 1 hydropower plant which is under construction and is expected to be complete in the second quarter of 2021.
Nexif founder and co-chief executive officer Surender Singh said: “This acquisition will significantly add to Nexif Energy’s portfolio of renewable energy project in Vietnam and represents a step forward towards our vision of delivering clean, reliable power to the Country and the region.
“Today’s announcement builds on our presence in Vietnam with Coc San Hydropower project in Lao Cai province and the wind energy projects in Ben Tre and Soc Trang provinces currently in the development stage.”
The projects acquired by Nexif Energy will avoid 110,000 tonnes of CO2 emissions per year
Both the projects will generate enough electricity to power 74,000 households in the country and avoid about 110,000 tonnes of carbon dioxide (CO2) emissions per year.
The Song Giang 1 project is expected to create 250 jobs during the construction phase and support 50 long term jobs during operations of the project.
Established in August 2015, Nexif Energy is a joint venture between Singapore-based independent power management company Nexif and private equity firm Denham Capital.
In 2018, Nexif Energy had broken ground on the 212MW Lincoln Gap wind farm in South Australia.
The wind farm is capable of generating 800,000MWh/year of power which would be enough to meet the electricity consumption for about 155,000 homes in South Australia while offsetting more than 600,000 tonnes of CO2 emissions of per year.