The Board of Directors of Gia Lai Electricity Joint Stock Company (HoSE: GEG) announced the Resolution on cont...
The Board of Directors of Gia Lai Electricity Joint Stock Company (HoSE: GEG) announced the Resolution on contributing VND 198 billion, equivalent to 99% of the charter capital of La Bang Wind Power Joint Stock Company.
In mid-November 2019, Gia Lai Electricity officially expanded its portfolio into the wind power field when it acquired 90% of the capital of VPL Energy JSC following the investor of the V.P.L Ben Tre wind power project. The project capacity is 70 MW divided into 2 phases. Phase 1 is 30 MW, is under construction offshore and is expected to operate before November 2021 to enjoy preferential offshore wind power price of 9.8 cents / kWh.
According to the annual report, the company's strategy is to optimize the development of wind power. The company plans to divest a number of hydropower plants with small operating capacity, low efficiency to optimize costs, focus resources to develop more solar and wind power projects in 2020.
The company aims to have 9 wind power plants with a capacity of 500 MW-700 MW by 2025. Meanwhile, according to the revised PDP VII. Vietnam aims to bring the total wind power capacity to about 2,000 MW by 2025.
Gia Lai electricity has implemented a strategy to diversify renewable energy types from the end of 2018 to the present to take advantage of revenues from many different types of energy, minimize risks related to climate change. The drought situation from the end of 2019 affects the operation of hydropower plants, but provides opportunities for solar power. Solar power production accounted for 78%, an increase of 26% over the same period thanks to 5 plants exceeding the plan.
In the first quarter, the output capacity from solar, hydroelectric and rooftop electricity was recorded at 136 million kWh, an increase of nearly 1.8 times compared to the same period last year. The company also announced a revenue of 304 billion dong increasing 1.7 times higher and profit after tax of 76 billion VND raise up to 37%. Business activities grew thanks to 3 solar power plants put into operation in the second quarter of 2019, namely Duc Hue 1 - Long An (49 MWp), Ham Phu 2 - Binh Thuan (49 MWp) and Truc Son - Dak Shallow (45 MW).
Via Nguoi Dong Hanh