Sumitomo Corp. acquires 49% stake in Mekong Electric Power Engineering and Development JSC

Sumitomo Corp. acquired the stake from GreenSpark Group, a renewable energy developer in Vietnam.

The project, which commenced operations in 2022, is an existing power generation facility with a 20-year power purchase agreement (PPA) with Vietnam Electricity (EVN) group. This represents Sumitomo Corp.’s first hydropower investment in Vietnam. Through participation in the project, Sumitomo Corp. aims to contribute to securing renewable energy sources and advancing decarbonisation in Vietnam, while promoting initiatives in energy transformation, one of the growth areas identified in its current medium-term management plan.

As economic growth continues, Vietnam faces challenges in meeting increasing electricity demand and maintaining grid stability while renewable energy deployment expands, all while targeting carbon neutrality by 2050. Against this backdrop, the Vietnamese government is promoting the expansion of hydropower as a baseload power source. The project contributes to regional energy security and supports Vietnam's decarbonisation efforts.

Under Vietnam's energy plans, Sumitomo Corp. intends to use this investment as a starting point to secure stable renewable energy sources, pursue further acquisitions, and develop high-quality hydropower projects in the country. Additionally, by leveraging the emerging direct PPA system in Vietnam, Sumitomo Corp. is considering the potential to supply sustainable power to its industrial parks and smart cities, further contributing to a carbon-neutral society.

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