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GELEX has been negotiating to complete the divestment transaction of power projects with foreign investors
As announced at the annual general meeting of shareholders in 2023, GELEX is restructuring its business areas and actively seizing international cooperation opportunities.
GELEX has a policy to restructure the portfolio of operating power projects in the system by divesting maximum or all of the shares/capital contributions in these power project companies to potential foreign investors. Currently, GELEX is working and negotiating to reach an agreement and complete the transaction with foreign investors.
GELEX has 5 wind power projects in Huong Hoa district, Quang Tri province with a total investment of more than VND 6,000 billion, including: Huong Phung 2, Huong Phung 3 Wind Power Plant Projects (consisting of 12 turbines with a total installed capacity of 50MW); and the GELEX 1, 2, 3 Wind Power Plant Projects have been recognized for commercial operation and are eligible for preferential electricity prices (8.5 cents/kWh for 20 years, exclusive of value-added tax) – pursuant to Decision No. 39/2018/QD-TTg, dated 10 September 2018, by the Prime Minister of the Government of Vietnam on the mechanism to support the development of wind power projects in Vietnam.
GELEX’s wind power projects are financed by BIDV, VietinBank, and co-financed by Landesbank Baden-Württemberg (LBBW) of the Federal Republic of Germany in the form of export credit (ECA) with insurance provided by Euler Hermes. With this form of credit, the projects have access to low-interest capital with a long repayment period. Together with previous projects, GELEX has a total of 260 MW of electricity in operation, with a total electricity output of the plants estimated to reach about 700 million kWh/year, and is expected to increase the total renewable energy capacity owned to 800 MW by 2025.
GELEX is accelerating the restructuring process and realizing sustainable development goals. As of March 31, 2023, GELEX’s total assets reached VND 52,619 billion, up by 0.4% from the beginning of the year. The asset and capital structure are stable.
To adapt to the new phase, GELEX has new strategies such as enhancing cooperation with global corporations to expand markets and products in the core business value chain; continuing to research potential wind power projects; exchanging cooperation opportunities with some partners and considering new projects.
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