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Manila Bulletin devider Business devider Trade & Industry devider AboitizPower expands overseas, acquires stake in Vietnam power plant

AboitizPower expands overseas, acquires stake in Vietnam power plant

Published Oct 30, 2025 12:02 pm
Aboitiz Power Corp. (AboitizPower) is embarking on its first investment abroad through the acquisition of an equity stake in a power plant in Vietnam.
In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, Oct. 30, AboitizPower announced that it had acquired a 25-percent equity stake in Van Phong Power Co. Ltd. (VPCL), giving it a minority interest in the company’s coal-fired power plant. The stake was purchased from Tokyo-based Sumitomo Corp. for $220 million (approximately ₱12.9 billion).
“Sumitomo will remain the majority stakeholder and operator of VPCL’s HELE [high-efficiency, low-emission] plant,” the company said.
The 1,320-megawatt (MW) Van Phong coal power plant, located in Khanh Hoa province, supplies about 8.5 billion kilowatt-hours (kWh) per year to Vietnam’s grid. The facility accounts for about four percent of the country’s annual gross power generation.
The coal project began operations in January 2024 under a 25-year power purchase agreement with the national utility Vietnam Electricity (EVN).
“This is the largest foreign-invested project in the Van Phong Special Economic Zone in Khanh Hoa province,” AboitizPower stated.
AboitizPower also said the investment would help deliver sustainable returns to its shareholders, as the acquisition aligns with the company’s renewable energy (RE) investment program.
The investment remains subject to the necessary closing conditions and other regulatory approvals.
Moreover, the full transfer of the stake is expected to begin sometime next year or later.
“The total consideration for the acquisition of the subject capital is less than 10 percent of AboitizPower’s consolidated assets as of Dec. 31, 2024,” it stated.
Earlier, the company announced a 32-percent quarter-on-quarter increase in its net income to ₱10.6 billion due to better generation business performance and better output from its hydropower facilities due to the rainy season.
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