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REE raises ownership in Muong Hum Hydro Power to 49 per cent
The Refrigeration Electrical Engineering Corporation (REE) has raised its ownership in Muong 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 Lao Cai.
According to Lao Cai Newspaper, MHP operates the 32MW Muong 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 Thuan Binh Wind Power Company from 25 per cent to 49.1 per cent, by purchasing shares of Thuan Binh offered by the Viet Nam Electricity (EVN) in an auction held in late March. In the sale, REE spent about VND69 billion (US$2.94 million).
Another of REE’s associate companies, Thac Mo Hydropower Company, also holds 20 per cent of Thuan Binh.
Thuan Binh Wind Power Company has charter capital of VND163 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.
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