Iberdrola Acquires Sowitec Vietnam And Its 550-MW Pipeline
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Spain’s Iberdrola SA (BME:IBE) on Thursday announced that it has acquired the Vietnamese subsidiary of German renewables group Sowitec along with its 550-MW pipeline under development.
Sowitec Vietnam comes with five onshore wind and one 50-MW floating solar PV project, the Spanish utility said.
Financial details were not disclosed by either party.
Iberdrola said that the acquired projects range between 50 MW and 250 MW, with their development seen to take place between 2022 and 2024.
For the utility, the acquisition represents a step into a new market, one that has renewable energy ambitions and needs for foreign investment to fulfill them. Vietnam foresees the installation of more than 20,000 MW of renewable energy capacity by 2030, and strong growth in electricity demand and GDP, according to Iberdrola.
Source: renewablesnow
