JERA to acquire a 35.1% stake in Gia Lai Electricity Joint Stock from IFC and Armstrong S.E. Asia Clean Energy Fund.

JERA, a power generation company, agreed to acquire a 35.1% stake in Gia Lai Electricity Joint Stock, a renewable energy power company, from IFC, a financial institution, and Armstrong S.E. Asia Clean Energy Fund, a private equity fund. Financial terms were not disclosed. “Since our investment in Phu My 2.2 in 2005, we have viewed Vietnam as an important market in ASEAN and have sought opportunities to strengthen ties between our two countries. As one of Japan’s leading energy companies, our objectives are to contribute to both economic growth and decarbonization across Asia, and this investment represents another milestone in this effort. As a shareholder in GEC, we will support GEC’s expansion of renewables in Vietnam,” Toshiro Kudama, JERA Asia CEO.