Singapore’s Nexif Energy acquires 49MW Song Giang Hydropower

Song Giang Hydropower owns two hydropower projects with total capacity of 49MW in Vietnam’s Khanh Hoa province.

The two projects are the 37 MW Song Giang 2 which has been operating since December 2014 and the under construction 12 MW Song Giang 1 that is expected to be complete in the second quarter of 2021.

The project is expected to produce enough energy to power 74,000 households of Vietnam and will offset approximately 110,000 tonnes of carbon emissions annually. It will also directly create 250 jobs during the construction of Song Giang 1 and will sustain 50 long term jobs during operation.

Electricity demand in Vietnam is growing 10-12% annually, creating opportunities for investment in electricity generation, transmission and distribution infrastructure.

To attract investment to meet the growing need for power, Vietnam has created a favorable regulatory environment for investment in renewable energy projects and currently in the process of establishing a competitive electricity market.

This acquisition will significantly add to Nexif Energy’s portfolio of renewable energy project in Vietnam and represents a step forward towards its vision of delivering clean, reliable power to the country and the region, said Surender Singh, Nexif founder and Co-Chief Executive Officer.

The energy producer was said to have invested 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. It will also add to our projects in Thailand and Philippine in Asia and rapidly expanding portfolio in Australia. 

“This is an important step forward in achieving Nexif Energy’s objective of establishing itself as a leading power generation developer and investor in Asia and Australia. We look forward to acquiring and developing more projects in Vietnam and rest of our target markets” added Matthew Bartley, Founder and Co-Chief Executive Officer of Nexif Energy.