ABOITIZ Power Corp. will acquire a 25 percent equity stake in Van Phong Power Co. Ltd. from Japan’s Sumitomo Corp. for about US$220 million, marking its first major investment outside the Philippines.
Van Phong owns a 1,320-MW high-efficiency, low-emission coal plant in Khánh Hòa Province, Vietnam, operating under a 25-year power deal with state utility Vietnam Electricity.
The facility supplies about four percent of the country’s annual power output. AboitizPower said the deal supports its goal of maintaining a balanced energy portfolio.
The transaction is subject to regulatory approvals, with completion expected in fiscal 2026. / KOC