Aboitiz Power Corp., led by bilyonaryo Danel Aboitiz, will acquire a 25% stake in Van Phong Power Company Limited (VPCL) from Sumitomo Corporation, in a deal valued at around $220 million.
VPCL operates a 1,320 MW high-efficiency, low-emission coal-fired power plant in Khánh Hòa province, Vietnam, which began commercial operations in January 2024.
The plant runs under a 25-year power purchase agreement with Vietnam Electricity (EVN) and is designed to supply roughly 8.5 billion kWh annually, or about 4% of the country’s gross power generation. It is also the largest foreign-invested project in the Van Phong Special Economic Zone.
The acquisition, structured as a direct transfer of VPCL’s single-member limited liability capital, remains subject to closing conditions, including regulatory approval from the Vietnamese government.
Sumitomo Corporation will remain as majority shareholder and operator.
AboitizPower said the investment aligns with its strategy to maintain a diversified energy portfolio and supports its ongoing renewable energy program, contributing to a balanced long-term energy transition.
The full transfer of the stake is expected during fiscal year 2026 or later, and the total consideration represents less than 10% of AboitizPower’s consolidated assets as of end-2024.
