Sev.en enters Asian market via Vietnam power plant acquisition
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The news: Sev.en Global Investments has announced its entry into the Asian market via the acquisition of the Mong Duong 2 coal-fired power plant in Vietnam.
The numbers: Sev.en has agreed to buy a majority 51% stake from US company The AES Corporation. Mong Duong 2 is a 1.2 GW coal-fired power plant located in northern Vietnam that was commissioned in 2015, and is a strategic supplier of electricity to Hanoi and the surrounding region.
The context: The transaction, which remains subject to approval by the Vietnamese authorities, closely follows the Czech investment group's acquisition of a majority stake in ASX-listed metallurgical coal producer Coronado Global Resources.
What they said: Sev.en Global Investments CEO Alan Svoboda said: "We are very pleased to announce this acquisition. After establishing our presence in Europe, North America, and Australia, we are now entering the 4th continent - Asia. As an experienced owner and operator of similar power plants we are proud to take over the operator role from AES.
"We appreciate the strong diplomatic and business ties between Vietnam and the Czech Republic and look forward to a cooperation including working together on satisfying all regulatory requirements. We also aspire to engage in more public-private deals like this one.”
The source: Sev.en Global Investments Media Release
