REE raises ownership in Mường Hum Hydro Power to 49 per cent

 

Mường Hum Hydro Power Co Ltd was established on June 17, headquartered in the northern mountainous province of Lào Cai. — Photo vccinews.vn

HÀ NỘI — The Refrigeration Electrical Engineering Corporation (REE) has raised its ownership in Mường Hum Hydro Power Co Ltd (MHP) to 49 per cent by completing the acquisition of MHP shares.

Therefore, since the fourth quarter of this year, MHP is an associate of REE.

MHP was established on June 17, headquartered in the northern mountainous province of Lào Cai.

According to Lào Cai Newspaper, MHP operates the 32MW Mường Hum Hydroelectric Plant, whose annual electricity output reaches 121.86 kWh, joining the national electricity grid in March 2011.

REE has also increased its ownership in Thuận Bình Wind Power Company from 25 per cent to 49.1 per cent, by purchasing shares of Thuận Bình offered by the Việt Nam Electricity (EVN) in an auction held in late March. In the sale, REE spent about VNĐ69 billion (US$2.94 million).

Another of REE’s associate companies, Thác Mơ Hydropower Company, also holds 20 per cent of Thuận Bình.

Thuận Bình Wind Power Company has charter capital of VNĐ163 billion, with key business being construction, transmission and distribution of electricity.

The company focuses on building renewable energy projects such as wind power, solar power and biomass power, providing consultancy services during the construction and operation of renewable energy projects.

After the deal with MHP, REE has stakes in 13 electricity producers. The company has developed a strategy focusing on electricity, water and real estate for many years. — VNS